Furuise(300228) 国金证券·2024-08-28 06:03Investment 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 strong performance is attributed to the unexpected surge in LNG heavy truck sales, which reached approximately 109,000 units in the first half of 2024, marking a 104.0% increase year-on-year [2]. - The company is positioned as a leading supplier of LNG truck cylinders, benefiting from the growth in low-temperature storage and transportation equipment, which saw a revenue increase of 21.2% [2]. - The report highlights the company's strategic shift towards energy services and hydrogen storage and transportation, which is expected to enhance overall valuation [2]. Summary by Sections Performance Overview - Total revenue for 2024 is projected at 4.615 billion RMB, with a growth rate of 51.88% [6]. - Net profit attributable to shareholders is forecasted to reach 240 million RMB in 2024, a 63.15% increase [6]. - The diluted earnings per share (EPS) is expected to be 0.417 RMB in 2024, with a price-to-earnings (P/E) ratio of 19.49 [6]. Business Analysis - The company's main business gross margin and net margin are both on the rise, with the hydrogen energy sector entering a critical phase [2]. - The LNG truck sales are expected to continue to set new records in the second half of the year, driven by long-term energy independence and declining LNG price expectations [2]. - The company is expanding its production capacity and has initiated overseas operations in Brazil, which is anticipated to replicate domestic profit models [2]. Financial Projections - The projected net profit for 2024-2026 is 240 million RMB, 359 million RMB, and 454 million RMB respectively, with corresponding EPS of 0.417 RMB, 0.623 RMB, and 0.790 RMB [2][6]. - The report indicates a gradual improvement in overall gross profit margins, driven by the optimization of the business model from equipment manufacturing to energy services and operations [2].