Furuise(300228) Guotou Securities·2024-08-28 06:16Investment Rating - The investment rating for the company is "Buy-A" with a target price of 7.29 CNY for the next six months [4][6]. Core Insights - The company achieved a revenue of 1.613 billion CNY in the first half of 2024, representing a year-on-year growth of 17.28%, and a net profit of 82.61 million CNY, which is a significant increase of 367.02% year-on-year [1][2]. - The company is advancing its "manufacturing + service" transformation with three main business segments: LNG application equipment, heavy equipment, and LNG processing and operation services, all showing positive performance [2][3]. - The company is implementing a "full industry chain" and "globalization" strategy, enhancing its collaborative advantages across the LNG industry chain and expanding its international presence [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 959 million CNY, a year-on-year increase of 57.00% and a quarter-on-quarter increase of 46.76%, with a net profit of 62.80 million CNY, reflecting a year-on-year growth of 319.44% and a quarter-on-quarter growth of 217.08% [1]. - The company plans to achieve revenues of 3.476 billion CNY, 4.567 billion CNY, and 5.407 billion CNY for 2024, 2025, and 2026 respectively, with growth rates of 14.4%, 31.4%, and 18.4% [4][7]. Business Segments - The LNG application equipment segment generated 698 million CNY in revenue in the first half of 2024, up 21.94% year-on-year, with a gross margin of 21.21% [2]. - The heavy equipment segment achieved a revenue of 446 million CNY, a year-on-year increase of 4.95%, with a gross margin of 24.48% [2]. - The LNG sales and operation services segment reported a revenue of 407 million CNY, reflecting a year-on-year growth of 19.08%, with a gross margin of 15.08% [2]. Market Position and Strategy - The company is focusing on the LNG industry chain, creating synergies among its products such as LNG liquefaction plants, LNG vehicle supply systems, and low-temperature valves [3]. - The company is expanding its global footprint, with subsidiaries actively promoting LNG applications and services in overseas markets [3].