在手订单同比增长48%，业绩稳健增长

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company reported a 6.9% year-on-year increase in revenue for the first half of 2024, reaching 257 million yuan, while the net profit attributable to shareholders increased by 6.1% to 30.37 million yuan [7]. - The company has a strong order backlog of 448 million yuan, reflecting a year-on-year growth of 47.9% [7]. - The revenue from the marine engineering sector saw significant growth of 83.3%, while the renewable energy sector, particularly wind cooling systems, experienced a decline of 49.9% [7]. - The company expects to achieve net profits of 65.46 million yuan, 69.89 million yuan, and 80.50 million yuan for the years 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 9.9% from 2023 to 2026 [7]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 140 million yuan, a decrease of 3.3% year-on-year but an increase of 19.9% quarter-on-quarter [7]. - The gross margin for H1 2024 was 31.3%, an increase of 2.1 percentage points compared to the previous year [7]. - Operating cash flow significantly improved, reaching 34.85 million yuan, a year-on-year increase of 324.2% [7]. Market Segments - The rail transit sector generated revenue of 82.14 million yuan in H1 2024, up 36.9% year-on-year, accounting for 32% of total revenue [7]. - The marine engineering sector's revenue was 52.94 million yuan, contributing 20.6% to total revenue [7]. - The cooling tower segment saw a revenue decline of 3.5% year-on-year, accounting for 17.8% of total revenue [7]. Future Projections - The company forecasts revenues of 583 million yuan, 661 million yuan, and 785 million yuan for 2024, 2025, and 2026 respectively, with a CAGR of 15.6% from 2023 to 2026 [7]. - The order backlog growth is expected to continue, driven by high demand in the rail and marine sectors [7].