Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [2]. Core Viewpoints - The company, Guangsha Huaneng, specializes in high-efficiency heat exchangers and has shown stable revenue growth, with a projected revenue of 344 million yuan for H1 2024, representing a year-on-year increase of 29.73% [2][3]. - The net profit for H1 2024 is expected to reach 95.15 million yuan, reflecting a year-on-year growth of 32.08% [2][3]. - The company is positioned as a national-level "little giant" and high-tech enterprise, with its proprietary technology included in the national low-carbon technology promotion directory [2][3]. Summary by Sections 1. High-Throughput Heat Exchangers - High-throughput heat exchangers are critical for refining and chemical processes, contributing to cost reduction and efficiency improvements [12]. - The company has extensive experience in benchmark projects, supplying 18 out of 22 new ethylene units in China from 2020 to 2022 [3][19]. 2. Revenue and Profitability - The company expects total revenue to grow from 583 million yuan in 2024 to 764 million yuan in 2026, with corresponding net profits of 144 million yuan and 174 million yuan [5][11]. - The gross profit margin is projected to rebound to 51% in H1 2024, with high-throughput heat exchangers contributing over 50% of revenue and gross profit [3][5]. 3. Market Expansion and Export - The company has successfully replaced imports with domestic products, becoming the sole supplier of high-efficiency heat exchangers for certain processes in China [3][19]. - It has also won bids for international projects, including a successful bid for an MTO project in Uzbekistan, marking its first direct export [3][19]. 4. Industry Growth Potential - The refining capacity in China has reached 920 million tons, with ongoing projects expected to further increase demand for high-efficiency heat exchangers [19][24]. - The company is also exploring applications in nuclear energy and LNG cold energy sectors, which present significant growth opportunities [30][31]. 5. Financial Projections - The report forecasts earnings per share (EPS) of 1.34 yuan, 1.44 yuan, and 1.61 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 11.6, 10.8, and 9.7 [5][11].
广厦环能：北交所首次覆盖报告：高效换热“小巨人”净利同比+32%，进口替代+外销拓展双驱动