Investment Rating - The report maintains a "Buy" rating for the company [1][6][9] Core Views - The company reported stable revenue and growth in profits for the first half of 2024, with a revenue of 261 million yuan, a slight decrease of 0.19% year-on-year, and a net profit of 63 million yuan, an increase of 25.28% year-on-year [4][5] - The company is expected to benefit from strong demand in downstream sectors such as wind power and nuclear power, supported by its proprietary technology in dynamic pressure oil film bearings [6][7] - The target price range for the company's stock is set between 44.5 and 53.4 yuan, based on a projected P/E ratio of 25-30 times for 2025 [6][7] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 39.15%, an increase of 1.71 percentage points year-on-year, and a net margin of 24.17%, up by 4.92 percentage points year-on-year [4][5] - The company’s revenue forecast for 2024-2026 is 590 million, 705 million, and 879 million yuan respectively, with net profits projected at 130 million, 155 million, and 199 million yuan [6][7] - The company’s earnings per share (EPS) are expected to be 1.49, 1.78, and 2.29 yuan for 2024, 2025, and 2026 respectively [6][7] Industry Performance - The company’s performance in the shipbuilding and petrochemical sectors has been strong, with significant revenue growth of 231% and 39% respectively in the first half of 2024 [5][6] - The energy generation sector has seen a decline, attributed to high base effects from the previous year and slower project delivery in the wind power sector [5][6] - The company is advancing its international strategy and developing new products, including second-generation wind power sliding bearings, which are expected to enhance its competitive edge [6][7]
崇德科技：业绩稳增长，船舶和石化表现亮眼