FIRMACO(SH:600967) Shanxi Securities·2024-08-22 18:00Investment Rating - The report maintains an "Accumulate-A" rating for the company [2] Core Views - The company's revenue is under short-term pressure due to the fulfillment of significant contracts in the second half of the year, leading to a year-on-year revenue decline of 21.57% in the first half of 2024 [3] - The company is focusing on quality improvement and efficiency enhancement, with management expenses decreasing by 11.91% year-on-year [3] - The company is actively investing in strategic emerging industries, with R&D expenses increasing by 8.71% year-on-year in the first half of 2024 [3] - The geopolitical conflicts, such as the Russia-Ukraine and Israel-Palestine conflicts, have led to a surge in global military spending, benefiting the company's foreign trade performance [3] Financial Summary - For the first half of 2024, the company reported operating revenue of 47.88 billion yuan, a decrease of 21.57% year-on-year, and a net profit attributable to shareholders of 2.64 billion yuan, down 39.28% year-on-year [2] - The company's total liabilities decreased by 5.89% year-on-year to 92.52 billion yuan, while cash and cash equivalents increased by 129.04% year-on-year to 42.51 billion yuan [2] - The projected earnings per share (EPS) for 2024-2026 are 0.51, 0.56, and 0.62 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 14.5, 13.3, and 11.9 [2][4]