SCIYON(SZ:002380) Southwest Securities·2024-08-11 15:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 810 million yuan for the first half of 2024, representing a year-on-year growth of 16.2% - The net profit attributable to shareholders reached 110 million yuan, a significant increase of 153.6% year-on-year - The company achieved a non-recurring net profit of 120 million yuan, up 169.8% year-on-year - In Q2 2024, the company generated revenue of 440 million yuan, with a year-on-year growth of 6.7%, and a net profit of 67.53 million yuan, reflecting a growth of 102.3% year-on-year [2] Financial Performance - The company’s comprehensive gross margin for H1 2024 was 40.1%, an increase of 4.15 percentage points year-on-year - The sales, management, and R&D expense ratios were 11.3% (down 2.18 percentage points), 5.0% (down 1.12 percentage points), and 9.8% (up 0.97 percentage points) respectively, contributing to profit elasticity [2] - The company is a leading domestic DCS manufacturer, with significant breakthroughs in the NT6000 system for large power units and gas turbine control systems, leading to a good growth trend in new orders and contract delivery [2] Business Expansion - The company is expanding its industrial AI business, with projects in smart monitoring and unmanned power plants, and is actively entering new sectors such as steel and metallurgy [2] - The company has been expanding its overseas presence, with projects in Pakistan, Dubai, and Hungary, enhancing its brand influence in international markets [2] Earnings Forecast and Investment Advice - The company is positioned as a top-tier provider of process industrial automation solutions, particularly in the energy sector, with expected rapid growth in performance due to accelerated domestic replacements in the thermal power sector - The company is also actively developing its industrial AI and overseas business, which opens up long-term growth potential - EPS forecasts for 2024-2026 are 1.07 yuan, 1.37 yuan, and 1.76 yuan respectively, maintaining a "Buy" rating [2]