川环科技：2024半年报点评：费用控制成效显著，新领域增长潜力大

Investment Rating - The report maintains a "Buy" rating for Chuanhuan Technology (300547) [1] Core Views - The company achieved a revenue of 639 million yuan in H1 2024, representing a year-on-year increase of 39.1%, and a net profit of 98 million yuan, up 60.3% year-on-year, aligning with previous performance forecasts [1] - The gross margin stood at 25.1%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin improved by 2 percentage points to 15.4% [1] - The company is experiencing significant growth across various product lines, with effective cost control contributing to improved profitability [2] Summary by Relevant Sections Financial Performance - In Q2 2024, the company reported a revenue of 340 million yuan, a year-on-year increase of 33.7% and a quarter-on-quarter increase of 13.8% [1] - The net profit for Q2 2024 was 54 million yuan, reflecting a year-on-year growth of 39.4% and a quarter-on-quarter increase of 22.6% [1] - The revenue from cooling system hoses reached 357 million yuan, up 28.6% year-on-year, while fuel system hoses saw a remarkable growth of 73.3% to 187 million yuan [1] Growth Potential - The company is expanding its production capacity with a new project designed to add 10,000 tons of hose production capacity, expected to be completed in 2024 [2] - Chuanhuan Technology is diversifying into new markets such as energy storage, data centers, and even the aerospace sector, indicating strong future revenue growth potential [2] - The proportion of revenue from new energy clients has increased to 31.6%, up 4.8 percentage points year-on-year, with ongoing partnerships with major automotive manufacturers [1][2] Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.03 yuan, 1.24 yuan, and 1.42 yuan respectively, with corresponding price-to-earnings (PE) ratios of 14, 12, and 10 [2] - The compound annual growth rate (CAGR) for net profit is expected to be 23.8% from 2024 to 2026 [2]