NTI(300532) 太平洋·2024-08-21 08:10Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's new orders have reversed the downward trend, with a significant breakthrough in potential industries [1][2] - The company achieved revenue of 1.649 billion yuan in the first half of 2024, a year-on-year increase of 5.6%, and net profit attributable to the parent company of 242 million yuan, a year-on-year increase of 12.87% [2] - The net profit margin improved to 14.68%, up 0.91 percentage points year-on-year [2] - New orders in the first half of 2024 reached 1.065 billion yuan, a quarter-on-quarter increase of 45.29%, with new orders in potential industries reaching 340 million yuan, 20 times that of the same period last year [2] - The company has unconfirmed revenue orders of 3.572 billion yuan as of the end of the first half of 2024 [2] - The equipment renewal policy is expected to boost the prosperity of the smart logistics industry [2] - The company's equity relationship has been streamlined through a management buyout [2] Financial Performance - The company's gross profit margin in the first half of 2024 was 28.87%, a year-on-year decrease of 3.08 percentage points [2] - Sales, management, and R&D expense ratios were 1.88%, 4.61%, and 4.43%, respectively, with changes of -4.01, -0.13, and 0.01 percentage points [2] - Revenue is expected to reach 3.142 billion yuan, 3.436 billion yuan, and 3.959 billion yuan in 2024, 2025, and 2026, respectively [3][4] - Net profit attributable to the parent company is expected to be 442 million yuan, 520 million yuan, and 628 million yuan in 2024, 2025, and 2026, respectively [3][4] - The diluted earnings per share are expected to be 1.43 yuan, 1.68 yuan, and 2.02 yuan in 2024, 2025, and 2026, respectively [4] - The price-to-earnings ratio (PE) is expected to be 9.82, 8.35, and 6.92 in 2024, 2025, and 2026, respectively [4] Industry Outlook - The smart logistics and intelligent manufacturing industries are expected to benefit from a series of policy supports, potentially triggering a construction boom in smart logistics systems and intelligent manufacturing systems [2] - The Ministry of Industry and Information Technology and six other departments jointly issued the "Implementation Plan for Promoting Equipment Renewal in the Industrial Field," aiming for a 25% increase in industrial equipment investment by 2027 compared to 2023 [2] Management Changes - The company's controlling shareholder and actual controller, Shao Jianwei, signed a share transfer agreement and property share transfer agreement on July 31, 2024, after which Shao Jianwei will no longer have any equity in the listed company, and the controlling shareholder and actual controller will change [2]