JL(300589) 光大证券·2024-08-27 10:43Investment Rating - The report maintains a "Buy" rating for Jianglong Shipbuilding (300589.SZ) [6] Core Views - The company achieved a revenue of 767 million yuan in H1 2024, representing a year-on-year growth of 76.50%, and a net profit attributable to the parent company of 20.67 million yuan, up 62.21% year-on-year [1] - The decline in gross margin is attributed to structural changes in product delivery, particularly in the public law enforcement vessels, which saw a decrease of 5.83 percentage points [2] - The green transformation trend in the shipping industry, supported by government subsidies, presents significant growth opportunities for the company's new energy vessel business [2] - The completion of new capacity from fundraising projects will enhance the company's construction capabilities and efficiency [2] Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 410 million yuan, a year-on-year increase of 55.16%, but a net profit of 6.80 million yuan, which is a decrease of 7.65% year-on-year [1] - The operating cash flow showed a significant net outflow due to delays in project payments and cash outflows related to major contracts signed earlier [2] Market Opportunities - The international shipping industry's low-carbon regulations and domestic supportive policies are expected to drive demand for new energy vessels [2] - The Ministry of Transport's recent guidelines on subsidies for scrapping and updating old operating vessels will further stimulate market demand [2] Capacity Expansion - The marine advanced vessel intelligent manufacturing project has been completed, which will significantly improve the company's construction capacity and efficiency [2] Profit Forecast and Valuation - The forecasted net profit attributable to the parent company for 2024-2026 is 72 million, 90 million, and 110 million yuan respectively, with corresponding EPS of 0.19, 0.24, and 0.29 yuan [2] - The current stock price corresponds to a PE ratio of approximately 54, 43, and 35 for the years 2024, 2025, and 2026 respectively [2]