富瑞特装：商业模式助飞业绩高增，氢能估值修复

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][10]. Core Insights - The company reported a total revenue of 1.61 billion RMB for the year, a year-on-year increase of 17.3%, with a net profit attributable to shareholders of 80 million RMB, reflecting a significant growth of 367.0% [2]. - The second quarter alone contributed nearly 70% of the half-year performance, with revenue reaching 960 million RMB, a 57.0% increase year-on-year, and a net profit of 63 million RMB, up 319.4% [2]. - The growth in LNG heavy truck sales, which reached approximately 109,000 units in the first half of 2024, represents a 104.0% increase year-on-year, significantly contributing to the company's performance [2]. - The company is positioned as a leading supplier of LNG heavy truck cylinders, benefiting from the robust demand in the LNG sector, which is expected to continue in the second half of the year [2]. - The company is also expanding its hydrogen storage and transportation capabilities, with a focus on high-end applications, which is anticipated to enhance overall valuation [2]. Summary by Sections Performance Overview - The company achieved a total revenue of 1.61 billion RMB in 2024, with a year-on-year growth of 17.3% and a net profit of 80 million RMB, marking a 367.0% increase [2][6]. - The second quarter's revenue was 960 million RMB, a 57.0% increase year-on-year, contributing significantly to the half-year results [2]. Business Analysis - The LNG heavy truck sales surged, with 109,000 units sold in the first half of 2024, a 104.0% increase year-on-year, driving substantial revenue growth [2]. - The company’s low-temperature storage and transportation equipment business also saw a 21.2% increase in revenue during the reporting period [2]. - The company is expanding its energy services and has initiated operations in Brazil, which is expected to replicate domestic profit models [2]. Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are 240 million RMB, 359 million RMB, and 454 million RMB, respectively, with corresponding EPS of 0.42, 0.62, and 0.80 RMB [2][6]. - The company’s P/E ratios are projected to be 20, 13, and 10 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation outlook [2].