Furuise(300228) 国投证券·2024-08-18 02:00Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 7.29 CNY for the next six months, based on a comparable company average PE of 27 times for 2024 [6][7]. Core Insights - The company, Furui Special Equipment, is a leading supplier in the LNG equipment market, focusing on three core business segments: LNG application equipment, heavy equipment, and LNG operation and maintenance services. It has established a strong global presence, serving over 50 countries and maintaining stable relationships with major clients [3][4]. - The LNG heavy truck market is expected to grow significantly, driven by the decreasing gas-diesel price ratio, which has led to a record sales volume of 151,980 LNG heavy trucks in 2023, achieving a penetration rate of 24.48% [4][27]. - The company is actively transforming from an equipment manufacturer to an energy operation service provider, with plans to establish subsidiaries in Singapore and Brazil to expand its LNG operation services internationally [5][49]. Summary by Sections 1. Company Overview - Furui Special Equipment has a rich history and has developed a comprehensive product line in LNG application equipment, heavy equipment, and LNG operation services since its establishment in 2003 [16][19]. - The company has a diversified client base, including major truck manufacturers and oil and gas companies, which provides a stable revenue stream [19][22]. 2. LNG Heavy Truck Market - The decline in the gas-diesel price ratio has significantly boosted LNG heavy truck sales, with expectations for continued growth in market penetration [27][28]. - LNG heavy trucks are recognized for their economic and environmental advantages, making them a preferred solution for long-distance logistics [32][34]. 3. Heavy Equipment Export - The company has seen growth in its heavy equipment exports, benefiting from increased global investment in energy equipment [44][46]. - In 2023, the revenue from heavy equipment sales reached 879 million CNY, with a notable increase in profit margins [45][46]. 4. Business Transformation and Market Expansion - The company is enhancing its business model by integrating manufacturing and service operations, which is expected to drive profit growth [51][52]. - The domestic demand for LNG is on the rise, supported by government policies promoting cleaner energy usage [49][50]. 5. Financial Projections - Revenue forecasts for 2024-2026 are projected at 34.76 billion CNY, 45.67 billion CNY, and 54.07 billion CNY, with corresponding growth rates of 14.4%, 31.4%, and 18.4% [6][61]. - The net profit is expected to reach 1.56 billion CNY, 2.31 billion CNY, and 2.80 billion CNY for the same period, with growth rates of 6.2%, 48.1%, and 21.1% [6][61].