新锐股份：业绩稳健增长，产业链整合有序推进

Investment Rating - The report assigns a "Buy" rating to the company [1]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 880 million yuan in the first half of 2024, representing a year-on-year increase of 13.6%. The net profit attributable to shareholders reached 100 million yuan, up 14.8% year-on-year [1]. - The company is actively expanding its global brand presence despite challenges in overseas markets, with domestic revenue increasing by 27.0% to 510 million yuan, while overseas revenue remained flat at 370 million yuan [1]. - The report highlights the company's ongoing efforts in market expansion and cost reduction, maintaining a stable profitability with a gross margin of 32.2% [1]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 490 million yuan, a year-on-year increase of 20.6% and a quarter-on-quarter increase of 24.2%. The net profit for the same period was 60 million yuan, up 16.6% year-on-year and 28.0% quarter-on-quarter [1]. - The overall gross margin for the first half of 2024 was 32.2%, a slight decrease of 0.2 percentage points year-on-year, while the net profit margin was 12.8%, an increase of 0.4 percentage points year-on-year [1]. Business Segments - The company’s revenue from hard alloy rock drilling tools was 270 million yuan, accounting for 31% of total revenue, with a gross margin of 40.0%. Revenue from hard alloys was 260 million yuan, up 13% year-on-year, with a gross margin of 19.0% [1]. - The report details the revenue contributions from various segments, including supporting products and petroleum instruments, indicating a diversified revenue stream [1]. Future Projections - The company is projected to achieve revenues of 1.90 billion yuan, 2.33 billion yuan, and 2.77 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23%, 22%, and 19% [7]. - Net profits are expected to reach 200 million yuan, 250 million yuan, and 320 million yuan for the same years, with corresponding growth rates of 23%, 27%, and 25% [7]. Valuation - As of August 20, 2024, the stock price of 13.89 yuan corresponds to a price-to-earnings (PE) ratio of 13, 10, and 8 for the years 2024, 2025, and 2026, respectively [7].