再升科技：悠远出表影响逐步减弱，高效节能板块成为增长主力

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The impact of the exit of Youyuan Environment is gradually diminishing, with the efficient energy-saving segment becoming the main growth driver. The company reported a revenue of 751 million yuan in the first half of 2024, a year-on-year decline of 8.67%, and a net profit attributable to shareholders of 76.15 million yuan, down 6.3% year-on-year. Excluding non-recurring gains and losses, the net profit decreased by 22.81% year-on-year [1][2] - The efficient energy-saving segment maintained rapid growth, accounting for more than half of the company's revenue. If excluding the contribution from Youyuan, the total revenue increased by 17.56% year-on-year. The efficient energy-saving segment's revenue grew by 29.64% year-on-year, while the clean air segment's revenue declined by 36.55% [1][2] Financial Performance Summary - The company's overall gross margin for the first half of 2024 was 22.9%, a decrease of 1.22 percentage points year-on-year. The gross margin fluctuated significantly due to changes in revenue structure, particularly the rise in low-margin efficient energy-saving revenue [2] - The company’s operating expenses were well-controlled, with a total expense ratio of 14.31%, an increase of 0.9 percentage points year-on-year. The net profit margin for the first half was 11.11%, an increase of 0.3 percentage points year-on-year [2] - The forecast for net profit attributable to shareholders for 2024-2026 is 100 million, 120 million, and 150 million yuan, respectively, with corresponding P/E ratios of 27X, 23X, and 19X [2]