中信重工：收入短期承压，海外订货破新高

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [2]. Core Insights - The company reported a 1H24 revenue of 3.89 billion yuan, a year-on-year decrease of 16.42%, while the net profit attributable to the parent company increased by 37.21% to 163 million yuan [2]. - The slowdown in project implementation by wind power clients has temporarily pressured revenue, with the new energy equipment segment experiencing a significant decline of 88.18% year-on-year [2]. - The company has seen a substantial increase in overseas orders, with a 65% year-on-year growth, indicating a strong recovery in demand and potential for profit growth [2]. - High metal prices, particularly for copper and gold, are expected to support capital expenditure in the mining sector, benefiting the company's equipment demand [2]. - The company forecasts revenues of 9.84 billion yuan, 11.11 billion yuan, and 12.88 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 606 million yuan, 877 million yuan, and 1.18 billion yuan [5]. Summary by Sections Performance Review - In 1H24, the company achieved a revenue of 3.89 billion yuan, down 16.42% year-on-year, while the net profit attributable to the parent company was 163 million yuan, up 37.21% [2]. - The second quarter of 2024 saw a revenue of 1.71 billion yuan, a decrease of 30.98% year-on-year, but the net profit attributable to the parent company increased by 9.71% to 89 million yuan [2]. Operational Analysis - The slowdown in project implementation has led to short-term revenue pressure, particularly in the new energy equipment segment, which saw a revenue drop of 88.18% [2]. - However, the company reported a 237% quarter-on-quarter increase in effective orders for new energy equipment in 2Q24, suggesting a potential recovery in the second half of the year [2]. - The overseas order volume reached a record high, with significant contracts signed in markets such as North America, indicating a strong growth trajectory [2]. Market Conditions - The average spot prices for copper and gold remain high, with expectations of interest rate cuts supporting these prices, which could further stimulate capital expenditure in the mining sector [2]. - The company holds a dominant market share in large mining mills, which positions it well to benefit from increased demand driven by mining capital expenditures [2]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 9.84 billion yuan, 11.11 billion yuan, and 12.88 billion yuan respectively, with net profits expected to be 606 million yuan, 877 million yuan, and 1.18 billion yuan [5]. - The company’s price-to-earnings ratios are projected to be 27, 18, and 14 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation outlook [2].