WTJX(BJ:830839) Guolian Securities·2024-08-23 00:38Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - In H1 2024, the company achieved operating revenue of 304 million yuan (down 11.72% year-on-year) and a net profit attributable to shareholders of 47.97 million yuan (up 26.30% year-on-year) [2][7] - The new product, oil-gas springs, has gained recognition from downstream customers, leading to significant growth, with revenue exceeding the total for 2023 in the first half of 2024 [2][7] - The company expects continued high growth driven by the increasing penetration of oil-gas springs and expansion into new application markets [2][7] Financial Performance - The company reported a comprehensive gross margin of 26.30% in 2024, an increase of 5.21 percentage points year-on-year [7] - The gross margin for Q1 2024 was 27.7%, reflecting a year-on-year increase of 6.3 percentage points [7] - The oil-gas spring business generated revenue of 52.29 million yuan in H1 2024, a year-on-year increase of 119%, with a gross margin of 42.74% [7] Market Outlook - The mechanical equipment cylinder segment faced challenges, with revenue declining by 27.18% year-on-year in H1 2024, primarily due to weak demand in coal mining equipment [7] - New products have successfully entered overseas markets, contributing to growth in international sales [7] - The company anticipates a recovery in the engineering machinery market in H1 2024, which will support overall performance [2][7] Future Projections - Revenue projections for 2024-2026 are 778 million, 922 million, and 1.093 billion yuan, respectively, with a CAGR of 17.8% [7][8] - Net profit projections for the same period are 98 million, 120 million, and 145 million yuan, respectively, with a CAGR of 22.4% [7][8]