JJHB(603279) Soochow Securities·2024-08-31 03:08Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable revenue growth and a recovery in profit margins, with significant improvement in operating cash flow [2] - The demand for environmental protection is recovering, while the new energy and new materials sectors are under pressure; the biopharmaceutical sector has seen high revenue growth [2] - The company is a global leader in filter press manufacturing, with a market share consistently above 40%, and is expected to benefit from integrated equipment and international market expansion [2] Financial Performance Summary - In H1 2024, the company achieved revenue of 3.127 billion yuan (up 2.34% year-on-year) and a net profit attributable to shareholders of 459 million yuan (down 4.28%) [2] - The gross profit margin for H1 2024 was 29.42%, a decrease of 3.02 percentage points, primarily due to price reductions on some products [2] - The operating cash flow for H1 2024 was 267 million yuan, a significant increase of 6,477.59% year-on-year, attributed to increased cash receipts from product sales and reduced cash outflows for raw material purchases [2] Revenue Breakdown - In H1 2024, revenue by sector was as follows: - Environmental protection: 815 million yuan (up 14.85%), accounting for 26.18% of total revenue - Mineral processing: 903 million yuan (up 7.08%), accounting for 29.02% - New energy and new materials: 749 million yuan (down 8.34%), accounting for 24.05% - Chemical: 247 million yuan (down 32.96%), accounting for 7.92% - Sand and gravel: 156 million yuan (up 0.56%), accounting for 5.00% - Biopharmaceutical: 244 million yuan (up 58.62%), accounting for 7.84% [2] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.025 billion yuan, 1.131 billion yuan, and 1.245 billion yuan, respectively, with corresponding P/E ratios of 10, 9, and 8 times [2]