BOOMY(SH:688290) Huaxin Securities·2024-08-20 12:13Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Views - The nuclear power development is steadily advancing, and the intelligent equipment sector shows promising future potential for the company [1]. - The company reported a revenue of 0.95 billion yuan for H1 2024, reflecting a year-on-year increase of 2.21%, with a net profit attributable to the parent company of 0.12 billion yuan, up 18.91% year-on-year [1]. - The company is positioned to benefit from the expansion of the nuclear power industry and the growing market for spent fuel treatment, with significant capacity gaps in the current processing capabilities [1][2]. - The demand for specialized robots in the nuclear industry is expected to surge due to the need for domestic innovation and modernization of equipment [1][2]. - The company has a competitive edge in the nuclear industrial robot and intelligent equipment sectors, with projections indicating substantial revenue growth in the coming years [4]. Summary by Sections Nuclear Power Expansion and Spent Fuel Treatment - China currently operates 56 nuclear power units with a total installed capacity of 58.218 million kilowatts, ranking second globally. As of the end of 2023, there are 26 nuclear units under construction, maintaining the world's leading position [1]. - By 2030, it is estimated that China will generate approximately 2,637 tons of spent fuel annually, with a cumulative total of about 28,285 tons, while the current domestic processing capacity is only 50 tons per year, indicating a significant market opportunity for future facility construction [1]. Intelligent Equipment and Robotics - The company has reported a 20.18% year-on-year increase in revenue from nuclear industrial robots in H1 2024. The relocation of the "High-end Intelligent Equipment and Robot Manufacturing Base" is expected to generate an additional annual sales revenue of 463.12 million yuan [2]. - The market for specialized robots in China was valued at 20.3 billion yuan in 2023, with a projected compound annual growth rate of 29.36% over the past five years [1][2]. Diversification into Non-Nuclear Equipment - The company is strategically expanding into non-nuclear specialized equipment sectors, including defense, healthcare, and renewable energy, achieving significant growth in these areas [3]. - In H1 2024, revenue from non-nuclear specialized intelligent equipment reached 24.38 million yuan, marking a staggering year-on-year increase of 1,682.98% [3]. Profit Forecast - Revenue projections for the company are set at 3.92 billion yuan for 2024, 6.35 billion yuan for 2025, and 8.74 billion yuan for 2026, with corresponding earnings per share (EPS) of 0.81 yuan, 1.28 yuan, and 1.98 yuan respectively [4][6].