MESNAC(SZ:002073) Guohai Securities·2024-08-22 12:40Investment Rating - The report maintains a "Buy" rating for the company [2][9][35] Core Views - The company has achieved significant growth in business scale, with a 32.14% year-on-year increase in revenue for the first half of 2024, reaching 3.225 billion yuan. The net profit attributable to shareholders increased by 101.71% year-on-year to 192 million yuan [3][9] - The company is recognized as a global leader in rubber equipment, with ongoing projects that are expected to enhance its growth potential [9][35] - The company is expanding its production capacity with new factories in Vietnam and Cambodia, which are projected to contribute additional net profits of approximately 10 million yuan and 3 million yuan respectively [7] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 3.225 billion yuan, a 32.14% increase year-on-year, and a net profit of 192 million yuan, a 101.71% increase year-on-year [3][12] - The second quarter of 2024 saw revenue of 1.761 billion yuan, up 41.27% year-on-year, and a net profit of 124 million yuan, up 61.45% year-on-year [3][28] - The company's gross profit margin for the first half of 2024 was 22.92%, a decrease of 1.27 percentage points year-on-year, while the net profit margin improved to 7.02%, an increase of 1.96 percentage points year-on-year [3][12] Segment Performance - The rubber equipment and new materials segments both experienced double-digit revenue growth. The rubber equipment segment generated 2.187 billion yuan in revenue, a 32.63% increase year-on-year, while the new materials segment achieved 1.026 billion yuan, a 31.32% increase year-on-year [3][12] - The company's major subsidiaries also reported significant profit growth, with Soft Control Electromechanical achieving a net profit increase of 201.81% year-on-year [13] Future Earnings Forecast - The company is projected to achieve revenues of 7.84 billion yuan, 10.54 billion yuan, and 11.04 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 516 million yuan, 774 million yuan, and 857 million yuan [9][35] - The expected price-to-earnings (P/E) ratios for these years are 12, 8, and 7 respectively, indicating strong growth potential [9][35]