SOJO(SZ:300444) Huajin Securities·2024-08-22 14:08Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for future investment returns [1][3]. Core Insights - The company reported a revenue of 1.674 billion yuan for the first half of 2024, representing a year-on-year increase of 13.15%. The net profit attributable to shareholders was 86 million yuan, up 43.31% year-on-year, while the net profit excluding non-recurring items reached 95 million yuan, a significant increase of 109.59% year-on-year [1]. - The company's new energy intelligent equipment business showed remarkable performance, with stable revenue growth driven by synergies across various business segments. The second quarter of 2024 saw revenues and net profits of 672 million yuan and 6 million yuan, respectively [1][3]. - The company is focusing on enhancing the quality of its new energy EPC projects and reducing lower-margin projects, while expanding its higher-margin new energy equipment business [1][3]. Financial Performance - The company expects its net profit attributable to shareholders to reach 406 million yuan, 503 million yuan, and 605 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 11, 9, and 7 times [3][4]. - Revenue projections for the upcoming years are as follows: 4.581 billion yuan in 2024, 5.993 billion yuan in 2025, and 7.442 billion yuan in 2026, with year-on-year growth rates of 45.9%, 30.8%, and 24.2% respectively [4][6]. - The gross profit margin is expected to improve, with projections of 23.0% in 2024, 22.4% in 2025, and 21.9% in 2026 [4][6]. Market Position and Strategy - The company has secured a leading position in the bidding for distribution network framework projects, benefiting from the construction of a new power system. In July 2024, it won a bid worth 321 million yuan, accounting for 9.04% of the audited revenue for 2023 [1][3]. - The company is actively expanding its new energy business in key energy bases, focusing on wind, solar, storage, and charging infrastructure, and has begun to see initial results from these efforts [3][4].