SUMEC(600710) CAITONG SECURITIES·2024-08-20 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 55.928 billion yuan in H1 2024, a year-on-year decrease of 13.30%, while the net profit attributable to shareholders was 570 million yuan, an increase of 12.12% year-on-year [2] - The supply chain business faced pressure, while the shipbuilding business showed high growth, with H1 2024 revenue from shipbuilding and shipping reaching 3.645 billion yuan, a year-on-year increase of 87.40% [2] - The company's gross margin improved to 6.48% in H1 2024, up 1.64 percentage points year-on-year, driven by the higher-margin industrial chain business [2] - The company is viewed positively as a pioneer in mixed ownership reform among state-owned enterprises, with a focus on optimizing its business structure to drive profit growth [2] Financial Performance Summary - H1 2024 revenue: 55.928 billion yuan, down 13.30% year-on-year - H1 2024 net profit: 570 million yuan, up 12.12% year-on-year - H1 2024 gross margin: 6.48%, up 1.64 percentage points year-on-year - Expected net profit for 2024-2026: 1.088 billion yuan, 1.224 billion yuan, and 1.350 billion yuan respectively, with corresponding PE ratios of 9.8, 8.7, and 7.9 [2][5]