ACMSH(688082) Huaxin Securities·2024-08-15 10:00Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Insights - The company has shown strong revenue growth, achieving a revenue of 2.404 billion yuan in the first half of 2024, representing a year-on-year increase of 49.33%. The net profit attributable to shareholders was 443 million yuan, a slight increase of 0.85% year-on-year [2][4] - The gross margin for the main business was 50.11% in the first half of 2024, with Q2 gross margin reaching 53.39%, an increase of 7.07 percentage points quarter-on-quarter. The net margin was 24.49%, up 15.79 percentage points quarter-on-quarter, indicating a significant improvement in profitability [2][4] - The company is expanding its overseas market presence, particularly in the US and South Korea, with differentiated equipment gaining favor among clients [3][4] Revenue and Profit Forecast - The company is projected to achieve revenues of 5.472 billion yuan, 6.908 billion yuan, and 8.430 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.68 yuan, 3.60 yuan, and 4.56 yuan. The current stock price corresponds to PE ratios of 34.5, 25.6, and 20.3 for the respective years [4][6]