Hainan Jinpan Smart Technology (SH:688676) Tai Ping Yang·2024-08-23 05:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 32.71 [1][3]. Core Insights - The company reported a steady growth in its 2024 H1 performance, with revenue reaching 29.16 billion, a year-on-year increase of 0.79%. The net profit attributable to shareholders was 2.22 billion, up 16.43% year-on-year, while the non-recurring net profit was 2.12 billion, reflecting a 13.28% increase [2][3]. - The overseas revenue showed significant growth, contributing to the overall performance, while domestic revenue experienced a slight decline due to the impact of the new energy sector [2][3]. - The company has a robust order backlog of 65.6 billion as of June 30, 2024, representing a year-on-year increase of 29.88%, with a notable rise in overseas orders [2][3]. Financial Summary - For 2024, the company expects revenues of 75.90 billion, 95.19 billion, and 115.17 billion for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 13.83%, 25.43%, and 20.98% [4][5]. - The net profit for the same years is projected to be 6.67 billion, 9.02 billion, and 11.40 billion, with growth rates of 32.19%, 35.26%, and 26.36% [4][5]. - The earnings per share (EPS) are expected to be 1.46, 1.97, and 2.50 for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 22, 16, and 13 [3][4].