Bingshan(000530) 华安证券·2024-08-16 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability has continued to improve, with a significant increase in net profit year-over-year [3] - The company is focusing on its core cold and heat business, with a net profit margin of 3.22% in H1 2024, up 0.66 percentage points year-over-year [3] - The company is expanding into new businesses such as CCUS and thermal management, with good progress made in H1 2024 [3] - The company's traditional business segments, including industrial refrigeration, commercial freezing, and air conditioning, have shown strong performance and market influence [3] - The company's subsidiary, Songyang Compressor, has contributed to the growth in export revenue and improved profitability despite rising raw material costs [3] Financial Performance - In H1 2024, the company achieved revenue of 2.463 billion yuan (+5.83% YoY), net profit attributable to shareholders of 79 million yuan (+38.78% YoY), and non-GAAP net profit of 67 million yuan (+48.15% YoY) [3] - The weighted average ROE for H1 2024 was 2.55%, an increase of 0.68 percentage points [3] - The company's gross margin for H1 2024 was 16.46%, slightly lower than the previous year, but the net profit margin increased to 3.22% [3] Business Segments - In the industrial refrigeration sector, the company has secured multiple petrochemical integration projects [3] - In the commercial freezing and refrigeration sector, the company has developed products and solutions tailored to the Chinese market, securing multiple cold chain logistics projects [3] - In the air conditioning and environmental sector, the company has focused on innovation and transformation, providing solutions for various industries such as electronics, high-end real estate, and rail transit [3] - The company's subsidiary, Iceberg Air Conditioning, is actively developing air-source heat pump technology [3] Future Outlook - The company's revenue is forecasted to be 5.483 billion yuan in 2024, 6.248 billion yuan in 2025, and 7.158 billion yuan in 2026 [4] - Net profit attributable to shareholders is expected to be 145 million yuan in 2024, 196 million yuan in 2025, and 252 million yuan in 2026 [4] - EPS is projected to be 0.17 yuan in 2024, 0.23 yuan in 2025, and 0.30 yuan in 2026 [4] - The company's PE ratio is 22x for 2024, 16x for 2025, and 13x for 2026 [4] Financial Ratios - The company's gross margin is expected to be 16.73% in 2024, 17.03% in 2025, and 17.53% in 2026 [5] - ROE is forecasted to be 4.65% in 2024, 6.01% in 2025, and 7.35% in 2026 [5] - The net profit margin is projected to be 2.64% in 2024, 3.13% in 2025, and 3.53% in 2026 [5]