Furuise(300228) 西南证券·2024-08-29 01:10Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.54 CNY over the next six months [1][2]. Core Insights - The company reported a significant increase in profitability, with a 367% year-on-year growth in net profit attributable to shareholders for the first half of 2024 [1]. - The LNG heavy truck market is experiencing high demand, leading to a notable improvement in the gross margin of equipment-related businesses [1]. - The company is actively seizing opportunities in the LNG sector and is also expanding into the hydrogen energy industry [1][2]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 1.61 billion CNY, a year-on-year increase of 17.3%, and a net profit of 80 million CNY, up 367% [1]. - For Q2 2024, operating revenue reached 960 million CNY, reflecting a 57% year-on-year growth, with net profit increasing by 319.4% to 60 million CNY [1]. - The gross margin and net margin for H1 2024 were 21.1% and 6.5%, respectively, showing improvements of 7.6 percentage points and 4.7 percentage points year-on-year [1]. Business Segments - The revenue from low-temperature storage and transportation equipment was 700 million CNY, up 21.9% year-on-year, with a gross margin of 21.2%, an increase of 11.5 percentage points [1]. - Heavy equipment revenue was 450 million CNY, a 5% increase year-on-year, with a gross margin of 24.5%, up 11.3 percentage points [1]. - Revenue from LNG sales and operation services was 410 million CNY, a 19.1% increase year-on-year, with a gross margin of 15.1%, down 1.1 percentage points [1]. Future Outlook - The company forecasts net profits of 170 million CNY, 240 million CNY, and 300 million CNY for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 27% [2][6]. - The company is expected to maintain a strong growth trajectory in the LNG sector while also expanding its hydrogen energy business [2][6].