Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [1]. Core Views - The company specializes in high-efficiency heat exchangers, serving major clients such as China National Petroleum and China Petroleum & Chemical [1][8]. - The company has shown steady revenue growth, with a projected revenue of 6.80 billion yuan in 2024, representing a year-on-year increase of 29.73% [1][3]. - The company is actively expanding into new fields such as new materials, nuclear energy, and LNG, while also exploring international markets [1][17]. Summary by Sections Focus on High-Efficiency Heat Exchangers - The company is recognized as a national-level specialized "little giant" and has established strong relationships with large enterprises [1][8]. - Its products are widely used in various sectors, including refining, petrochemicals, and modern coal chemicals [1][8]. Continuous Business Expansion and Strong R&D Capability - The company has maintained a compound annual growth rate of 10.15% in revenue over the past five years [17]. - In the first half of 2024, the company achieved a revenue of 3.44 billion yuan, a year-on-year increase of 29.73% [1][17]. - The company has a robust pipeline of projects, including successful bids for significant contracts in Uzbekistan and China [1][17]. Stable Development of Downstream Industries and New Opportunities from Policies - The company benefits from stable growth in downstream industries, with China's oil refinery daily capacity reaching 18,484 thousand barrels per day in 2023 [1][33]. - Recent policies aimed at energy efficiency and carbon reduction present new opportunities for the company's business [1][40]. Profit Forecast and Investment Rating - The company is expected to generate revenues of 6.80 billion yuan, 7.82 billion yuan, and 8.76 billion yuan from 2024 to 2026, with corresponding net profits of 1.59 billion yuan, 1.82 billion yuan, and 2.06 billion yuan [1][3]. - The projected earnings per share (EPS) for the same period are 1.48 yuan, 1.69 yuan, and 1.91 yuan, with price-to-earnings (PE) ratios of 10.64, 9.32, and 8.22 respectively [1][3].
广厦环能首次覆盖报告：深耕高效换热器，业绩稳步增长