BAMC(601137) 国联证券·2024-08-29 08:03Investment Rating - The investment rating for the company is "Buy" and is maintained [4][9] Core Insights - In H1 2024, the company reported revenue of 8.872 billion yuan, a year-on-year increase of 14.56%, and a net profit attributable to shareholders of 638 million yuan, up 38.73% year-on-year [2][6] - The new materials business showed stable growth with revenue of 6.408 billion yuan, a 35.31% increase year-on-year, and a net profit of 213 million yuan, up 135.37% year-on-year [8] - The renewable energy business experienced a revenue decline of 15.83% year-on-year, totaling 2.414 billion yuan, but net profit increased by 15.09% to 425 million yuan [8] - The company is expected to achieve revenues of approximately 19.1 billion yuan, 21.9 billion yuan, and 25.5 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of about 8%, 15%, and 16% [9] Financial Performance Summary - The company's gross margin for H1 2024 was 15.28%, an increase of 1.0 percentage points year-on-year, while the net margin was 7.19%, up 1.3 percentage points year-on-year [7] - The company’s total assets were reported at 17.012 billion yuan for 2024E, with a debt-to-asset ratio of 56.22% [4][12] - The earnings per share (EPS) for 2024E is projected to be 1.47 yuan, with a price-to-earnings (P/E) ratio of 8.8 [10][12]