江苏神通：公司事件点评报告：业绩稳健增长，核电业务有望加速放量

Investment Rating - The report assigns a "Buy" investment rating to the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Insights - The company has demonstrated steady revenue growth, with a 5.28% year-on-year increase in revenue for H1 2024, reaching 1.052 billion yuan, and a 14.53% increase in net profit, amounting to 144 million yuan [2][4]. - The approval of new nuclear power projects has reached a historical high, with the company positioned to benefit significantly as a leading supplier of nuclear valves [3]. - The company has diversified its downstream business, achieving a notable increase in new orders in the nuclear sector, which rose by 92% year-on-year [4]. - The company's profitability has improved, with a gross margin of 31.58%, reflecting a favorable shift in the revenue mix towards higher-margin nuclear and energy-saving businesses [4]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 1.052 billion yuan, with a net profit of 144 million yuan, and a gross margin of 31.58% [2][4]. - The company forecasts revenues of 2.435 billion yuan, 2.858 billion yuan, and 3.295 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.68 yuan, 0.85 yuan, and 1.04 yuan [5][7]. Market Position and Opportunities - The approval of five nuclear power projects, totaling 11 new nuclear units, is expected to enhance the industry's outlook, creating a market opportunity of approximately 110 billion yuan for nuclear valves annually [3]. - The company has secured over 90% of the orders for nuclear-grade valves since entering the market in 2008, positioning it as a key player in the nuclear valve sector [3]. Business Segments - The nuclear sector generated 354 million yuan in revenue, a 1% increase year-on-year, while the energy equipment sector saw a decline of 34% due to low demand from petrochemical companies [4]. - The metallurgical sector achieved a 32% revenue increase, driven by enhanced promotion of the "valve steward" service and improved product pricing [4]. - The energy-saving and environmental protection sector experienced a significant growth of 118%, attributed to increased demand for gas recovery and energy-saving modifications in steel enterprises [4].