JJHB(603279) 民生证券·2024-08-27 06:14Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company reported a steady revenue growth of 2.34% year-on-year for H1 2024, achieving a total revenue of 3.127 billion yuan, while the net profit attributable to shareholders decreased by 4.28% to 459 million yuan [2] - The revenue growth is primarily driven by capital expenditures in downstream industries such as minerals and processing, and environmental protection [2] - The company is expanding its product offerings by developing complete equipment systems, which is expected to provide new growth engines [3] Revenue Breakdown - Revenue from the minerals and processing sector reached 907 million yuan, up 11.6% year-on-year, accounting for 29.02% of total revenue [2] - Revenue from the environmental protection sector was 819 million yuan, a 4% increase, representing 26.18% of total revenue [2] - The new energy sector saw a decline in revenue by 6.7% to 702 million yuan, making up 22.46% of total revenue [2] - The chemical sector experienced a significant drop in revenue by 17.3% to 248 million yuan, accounting for 7.92% [2] - The biopharmaceutical and food sectors reported revenue of 203 million yuan, up 5.4%, contributing 6.48% [2] - The sand and gravel sector showed strong growth with a 31.6% increase in revenue to 156 million yuan, also accounting for 6.48% [2] - Revenue from the new materials sector decreased by 15.7% to 50 million yuan, representing 5% [2] - The pharmaceutical and health products sector achieved revenue of 43 million yuan, up 28.9%, contributing 1.36% [2] Financial Performance - The company's gross margin for H1 2024 was 29.42%, down 3.02 percentage points year-on-year, while the net margin was 14.67%, down 1.02 percentage points [2] - Contract liabilities increased by 15.93% year-on-year to 2.612 billion yuan, indicating operational resilience [3] - The company has adjusted its net profit forecasts for 2024-2026 due to declining demand in the lithium battery sector and slower-than-expected overseas expansion [3]