NARI-TECH(600406) 东吴证券·2024-08-29 13:03Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's profitability is steadily improving, with performance slightly exceeding market expectations [1] - The high demand for power grid construction and the impact of ultra-high voltage projects are expected to enhance profit elasticity [3] - The company is experiencing significant growth in its non-grid energy storage business, with international expansion showing promising results [3] - Continuous investment in R&D and a strong order backlog are laying a solid foundation for stable growth [3] - The forecast for net profit attributable to the parent company for 2024-2026 is set at 79.0 billion, 88.9 billion, and 101.5 billion yuan, respectively, with a corresponding P/E ratio of 24x, 21x, and 18x [4] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 20.11 billion yuan, a year-on-year increase of 10%, and a net profit of 2.71 billion yuan, up 8.4% year-on-year [2] - The gross margin for the first half of 2024 was 29%, an increase of 0.5 percentage points year-on-year, while the net profit margin was 13.5%, a decrease of 0.2 percentage points [2] - In Q2 2024, revenue reached 12.42 billion yuan, a 3% increase year-on-year, with a net profit of 2.11 billion yuan, up 7.1% year-on-year [2] Revenue and Growth Projections - Total revenue projections for 2024-2026 are 57.494 billion, 64.273 billion, and 72.076 billion yuan, reflecting year-on-year growth rates of 11.48%, 11.79%, and 12.14% respectively [2] - The net profit attributable to the parent company is projected to grow at rates of 10.01%, 12.50%, and 14.17% for the same period [2] Market Data - The closing price of the stock is 23.30 yuan, with a market capitalization of approximately 187.16 billion yuan [5] - The price-to-book ratio is 4.12, indicating the company's valuation relative to its book value [5] Basic Data - The company has a total share capital of approximately 8,032.82 million shares, with a net asset value per share of 5.66 yuan [6]