WTJX(BJ:830839) KAIYUAN SECURITIES·2024-08-21 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a 33% year-on-year increase in net profit attributable to shareholders for the first half of 2024, despite a decline in revenue [2][3] - The growth in net profit is attributed to the expansion of overseas sales and a shift in product mix towards high-margin oil and gas spring products, which saw a 119% increase in revenue [3] - The company maintains its profit forecasts for 2024-2026, expecting net profits of 99 million, 123 million, and 144 million yuan respectively, with corresponding EPS of 0.83, 1.03, and 1.21 yuan [2][3] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 304 million yuan, a decrease of 11.72% year-on-year, while net profit attributable to shareholders was 47.97 million yuan, an increase of 32.87% [2] - The company's overseas revenue grew by 62.04%, with the oil and gas spring product line being a significant contributor [3] - The company has developed electric cylinder design and production technology, enhancing its product offerings and market competitiveness [3] Financial Projections - The projected operating revenue for 2024 is 705 million yuan, with a growth rate of 5.4% [4] - The projected net profit for 2024 is 99 million yuan, with a year-on-year growth of 25% [4] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 11.4, 9.2, and 7.8 respectively, indicating a favorable valuation trend [4]