NNCC(SH:600435) Shanxi Securities·2024-08-22 16:30Investment Rating - The report maintains a "Buy-A" rating for the company [1][3]. Core Views - The company experienced significant revenue decline in the first half of 2024, with operating income of 293 million yuan, down 82.98% year-on-year, and a net loss attributable to shareholders of 74 million yuan, a decrease of 150.49% year-on-year [2][3]. - Despite the current performance challenges, there is an anticipated demand turning point in guided rocket technology, which is expected to benefit the company due to its position in the core segment of the industry [3]. Financial Performance Summary - For the first half of 2024, the company reported: - Operating income: 293 million yuan, down 82.98% year-on-year - Net profit attributable to shareholders: -74 million yuan, down 150.49% year-on-year - Total liabilities: 2.843 billion yuan, down 17.87% year-on-year - Cash and cash equivalents: 839 million yuan, down 42.41% year-on-year - Accounts receivable: 3.061 billion yuan, up 10.80% year-on-year - Inventory: 642 million yuan, down 17.38% year-on-year [2][3]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 are projected to be 0.15, 0.18, and 0.21 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 56.5, 46.6, and 38.8 based on the closing price of 8.21 yuan on August 21, 2024 [3][4].