Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved steady revenue growth in H1 2024, with total revenue reaching 566 million yuan, a year-on-year increase of 20.23%. The net profit attributable to shareholders was 99 million yuan, up 30.06% year-on-year [2] - The revenue from intelligent roller press equipment increased, while sales of spare rollers decreased, leading to a decline in revenue from other products. The gross profit margin for H1 2024 was 24.61%, down 3.3 percentage points year-on-year [2] - Cost control has improved, with a slight decrease in the R&D expense ratio due to prototype sales offsetting R&D costs. The financial expense ratio saw a slight increase [2] - The profit forecast has been slightly revised upwards, with expected net profits for 2024, 2025, and 2026 at 166 million, 197 million, and 232 million yuan respectively, reflecting year-on-year growth of 34%, 19%, and 18% [2] Financial Summary - Total revenue (in million yuan) is projected to grow from 946 in 2023 to 1,839 in 2026, with a compound annual growth rate (CAGR) of approximately 24.56% [8] - The net profit attributable to shareholders is expected to increase from 124 million in 2023 to 232 million in 2026, with a CAGR of approximately 17.50% [8] - The latest diluted EPS is projected to rise from 1.11 yuan in 2023 to 2.07 yuan in 2026, indicating a strong growth trajectory [8]
纳科诺尔：2024年半年报点评：持续拓展新订单，业绩稳健增长