SOFE(000852) 国金证券·2024-08-08 00:00Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant profit growth driven by state-owned enterprise reforms and the promising outlook of the hydrogen energy business [2]. Core Insights - The company reported a revenue of 3.886 billion yuan for the first half of 2024, a year-on-year decrease of 8.87%, while the net profit attributable to shareholders was 66 million yuan, a year-on-year increase of 1.1% [2]. - The demand for oil and gas pipes has slowed, impacting performance, but the oil machinery segment has shown steady growth with a revenue increase of 16.29% year-on-year [2]. - The company has seen a significant increase in overseas orders, with new contracts totaling 5.758 billion yuan, a year-on-year growth of 5%, and international market orders growing by 66% [2]. - The hydrogen energy equipment segment has also shown promising growth, with new orders reaching 62.31 million yuan, nearing the total order volume for the entire year of 2023 [2]. Summary by Sections Performance Overview - In 2Q24, the company achieved a revenue of 2.213 billion yuan, a year-on-year decrease of 5.07% but a quarter-on-quarter increase of 32.36%. The net profit for the quarter was 40 million yuan, reflecting a year-on-year increase of 3.06% and a quarter-on-quarter increase of 59.68% [2]. Business Analysis - The oil and gas steel pipe business faced challenges with a revenue drop of 63% year-on-year, while the oil machinery equipment segment grew by 16.29% with a gross margin improvement [2]. - The company has made strides in the hydrogen energy sector, establishing partnerships and achieving significant order growth, positioning itself as a leader in this emerging market [2]. Financial Forecast and Valuation - The company is projected to achieve net profits of 147 million yuan, 245 million yuan, and 348 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 35X, 21X, and 15X [2].