NEWAY(SH:603699) Soochow Securities·2024-08-16 05:07Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to invest 220 million yuan to expand its casting capacity, aiming for an annual output of 5,000 tons of carbon steel and 5,000 tons of stainless steel precision castings, with an expected annual output value of approximately 260 million yuan [1] - The expansion project reflects the company's optimism about long-term development, particularly in the oil and gas refining sectors [1][2] - The company has seen a significant increase in orders from the oil and gas sector, with this segment accounting for about 60% of total orders and experiencing a growth rate of approximately 50% since 2024 [2] - The Middle East and Africa are highlighted as the fastest-growing regions for overseas orders, driven by Chinese oil and gas companies expanding internationally [2] Financial Forecasts and Valuation - The company forecasts total revenue of 6,869 million yuan for 2024, with a year-on-year growth of 23.89% [1][7] - The projected net profit attributable to shareholders for 2024 is 953.16 million yuan, reflecting a year-on-year increase of 32.05% [1][7] - The report estimates the company's P/E ratios for 2024, 2025, and 2026 to be 13.93, 11.87, and 10.23, respectively [1][8] - The report maintains net profit forecasts of 9.5 billion yuan, 11.2 billion yuan, and 13.0 billion yuan for 2024, 2025, and 2026, respectively [2] Market Data - The closing price of the company's stock is 17.46 yuan, with a market capitalization of approximately 13.28 billion yuan [3] - The company's price-to-book ratio is 3.36 [3] Basic Data - The company's net asset per share is 5.20 yuan, and the debt-to-asset ratio is 48.62% [4]