奥浦迈：业务开拓期利润受挫，新签项目增长迅速

Investment Rating - The report maintains a "Recommendation" rating for the company [1][5] Core Views - The company reported a revenue of 144 million yuan in the first half of the year, representing an increase of 18.44%, while the net profit attributable to shareholders decreased by 36.29% to 24.14 million yuan [1] - The company is in a phase of intensive investment, with a significant increase in new project signings, totaling 46 new projects in the first half of 2024, a 27% increase compared to the end of 2023 [2] - The company is experiencing a decline in profit margins due to increased costs and a lower proportion of high-margin overseas business in Q2 [2] Financial Summary - Revenue and Profit Forecasts: - 2023A: Revenue of 243 million yuan, net profit of 54 million yuan - 2024E: Revenue expected to rise to 331 million yuan, net profit to 67 million yuan - 2025E: Revenue projected at 462 million yuan, net profit at 109 million yuan - 2026E: Revenue forecasted at 628 million yuan, net profit at 158 million yuan [8][9] - Key Financial Ratios: - Gross margin expected to improve from 58.8% in 2023A to 66.6% in 2026E - Net profit margin projected to increase from 22.2% in 2023A to 25.2% in 2026E - Return on equity (ROE) expected to rise from 2.5% in 2023A to 6.3% in 2026E [9] Market Position - The company has a total market capitalization of 3.1 billion yuan, with a circulating A-share market value of 2.1 billion yuan [3] - The company’s major shareholder holds 24.61% of the shares, indicating a concentrated ownership structure [3]