SUMEC(SH:600710) Soochow Securities·2024-08-19 00:30Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company reported a revenue of 55.928 billion yuan for H1 2024, a year-on-year decrease of 13.3%, while the net profit attributable to shareholders was 570 million yuan, a year-on-year increase of 12.1%. The net profit after excluding government subsidies and impairment reversals was 493 million yuan, reflecting a year-on-year increase of 15.7% [2] - In Q2 2024, the company achieved a revenue of 32.18 billion yuan, down 3.94% year-on-year, with a net profit of 305 million yuan, up 19.1% year-on-year, and a net profit of 260 million yuan after adjustments, up 24.9% year-on-year [2] - The company's profit margin improved in H1 2024, with a gross profit margin of 6.48% and a net profit margin of 2.78%, both showing increases of 1.64 percentage points and 0.55 percentage points year-on-year, respectively [2] - The supply chain operations segment generated revenue of 41.33 billion yuan, down 18.61% year-on-year, while the industrial chain segment saw revenue of 14.5 billion yuan, up 6.25% year-on-year, with a gross profit margin of 18.73%, an increase of 2.7 percentage points year-on-year [2][3] - The shipbuilding and shipping business experienced significant growth, with revenue increasing by 87% year-on-year and profit margin rising by 4.3 percentage points [3] Financial Forecast and Valuation - The company is characterized as a low-valuation, high-dividend, and moderately growing central enterprise, with a dividend payout ratio exceeding 40% from 2020 to 2023 and a dividend yield above 4% [3] - The net profit forecasts for 2024-2026 have been revised upwards to 1.1427 billion yuan, 1.22997 billion yuan, and 1.29083 billion yuan, representing year-on-year growth of 11%, 7.5%, and 4.9%, respectively [3] - As of August 16, the price-to-earnings ratio (P/E) is projected to be 9, 8, and 8 times for the years 2024, 2025, and 2026, respectively [3]