CBGF(SZ:002478) GOLDEN SUN SECURITIES·2024-08-23 08:49Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company has experienced a decline in revenue and net profit in the first half of 2024, with operating income at 2.804 billion yuan, down 18.93% year-on-year, and net profit attributable to shareholders at 326 million yuan, down 27.6% year-on-year [1]. - Despite the decline, the company shows signs of improvement in non-recurring net profit, with a quarter-on-quarter increase of 7.73% in Q2 2024 [1]. - The company is actively pursuing structural transformation and upgrading, with ongoing projects aimed at increasing production capacity and enhancing product quality [1]. - The downstream market is expected to improve, with stable demand for oil casing pipes and a positive outlook for boiler pipe products due to increased investment in thermal power [1]. Financial Summary - The company’s projected financial performance for 2024 to 2026 includes net profits of 700 million yuan, 770 million yuan, and 850 million yuan, respectively, with corresponding P/E ratios of 6.0, 5.4, and 4.9 [2][3]. - Revenue is expected to decline by 16.7% in 2024, followed by growth rates of 7.2% and 8.8% in 2025 and 2026, respectively [3]. - The company’s gross profit margin for oil casing pipes decreased by 5.98 percentage points to 15.2%, while the gross profit margin for boiler pipes increased by 4.0 percentage points to 21.48% [1]. Market Outlook - The domestic oil casing pipe market is anticipated to remain stable, with potential growth in unconventional oil and gas resource development [1]. - The investment in thermal power construction has increased by 26.6% year-on-year, which is expected to positively impact the demand for boiler pipes [1].