CCHT(000661) 德邦证券·2024-08-18 08:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 6.639 billion yuan for the first half of 2024, representing a year-on-year increase of 7.63%. However, the net profit attributable to shareholders decreased by 20.40% to 1.720 billion yuan [4] - The company is facing short-term pressure on performance, but its diversified product portfolio is expected to support long-term growth [4] - Increased investment in sales and R&D is noted, with sales, management, and R&D expense ratios rising to 29.12%, 8.31%, and 13.36% respectively in the first half of 2024 compared to the same period in 2023 [4] - The company is actively advancing its innovation strategy, with multiple new product registrations and applications in progress, which lays a foundation for future growth [4] Financial Summary - For 2024, the company is projected to achieve a net profit of 4.016 billion yuan, a decrease of 11.4%, with EPS expected to be 9.93 yuan, corresponding to a P/E ratio of 8.7 [4][6] - Revenue forecasts for 2024-2026 are 15.445 billion yuan, 16.567 billion yuan, and 17.784 billion yuan respectively, with net profits expected to grow to 4.336 billion yuan and 4.700 billion yuan in 2025 and 2026 [6] - The gross margin is projected to decline from 86.0% in 2023 to 83.0% in 2024, stabilizing around 83.3% by 2026 [6]