Investment Rating - Buy (Maintained) [1] Core Views - The company achieved steady revenue growth in H1 2024, with revenue increasing by 6.89% YoY to RMB 257 million and net profit attributable to shareholders rising by 6.05% YoY to RMB 30.37 million [2] - Profitability remained stable, with gross margin increasing by 2.1 percentage points to 31.3% in H1 2024, while net margin slightly decreased by 0.1 percentage points to 11.8% [3] - The company's long-term development is supported by strong customer recognition and technological leadership, with comprehensive certifications and a robust R&D team [4] Financial Performance - Revenue for 2024H1 was RMB 257 million, up 6.89% YoY, with net profit attributable to shareholders at RMB 30.37 million, up 6.05% YoY [2] - In Q2 2024, revenue was RMB 140 million, down 3.28% YoY, while net profit attributable to shareholders increased by 0.58% YoY to RMB 17.37 million [2] - Gross margin in H1 2024 was 31.3%, up 2.1 percentage points YoY, and net margin was 11.8%, down 0.1 percentage points YoY [3] Business Segments - Rail transit fan business revenue in H1 2024 was RMB 82 million, up 36.85% YoY [2] - Marine engineering fan business revenue in H1 2024 was RMB 53 million, up 83.25% YoY [2] - Cooling tower air cooler fan, energy ventilation cooling equipment, and refrigeration fan and accessories businesses experienced varying degrees of decline [2] R&D and Expenses - R&D investment continued to grow, with management (including R&D) expense ratio increasing by 2.4 percentage points to 11.6% in H1 2024 [3] - The increase in R&D expenses was due to higher depreciation after the new energy equipment R&D center was put into use, rising R&D personnel salaries, and increased testing and material costs [3] Financial Forecasts - Revenue for 2024E is forecasted at RMB 557.63 million, up 9.75% YoY, with net profit attributable to shareholders at RMB 68.46 million, up 13.03% YoY [1] - EPS for 2024E is projected at RMB 0.93 per share, with a P/E ratio of 11.74 [1] - Revenue for 2025E is expected to reach RMB 609.07 million, up 9.22% YoY, with net profit attributable to shareholders at RMB 80.73 million, up 17.92% YoY [1] Valuation Metrics - Current price is RMB 10.95, with a P/E ratio of 13.27 for 2023A and 11.74 for 2024E [1][6] - P/B ratio is 1.74, with a total market capitalization of RMB 803.73 million [6] - ROE for 2024E is projected at 13.22%, with ROIC at 13.10% [12]
克莱特：2024年中报点评：业绩稳健增长，盈利能力保持稳定