CIMC(000039) Guoxin Securities·2024-09-01 07:41Investment Rating - The investment rating for the company is "Outperform the Market" [4][16]. Core Views - The company reported a significant revenue growth of 30.61% year-on-year, reaching 79.115 billion yuan, and a net profit increase of 117.23%, amounting to 866 million yuan in the first half of 2024. This growth is attributed to the recovery in container manufacturing and rapid growth in offshore shipbuilding [1][2]. - The container manufacturing business saw a substantial revenue recovery, with a revenue of 25 billion yuan, up 82.54% year-on-year, and a net profit of 1.276 billion yuan, an increase of 66.25%. The demand for global container shipping trade rose by 7.1% year-on-year [1][2]. - The offshore shipbuilding segment also experienced strong growth, with revenue of 7.784 billion yuan, an increase of 88.95%, and a reduction in losses to 84 million yuan. The company secured new orders worth 1.79 billion USD, a 20.1% increase year-on-year [1][2]. - The financial outlook remains optimistic, with projected net profits for 2024-2026 expected to be 2.642 billion yuan, 3.605 billion yuan, and 4.389 billion yuan, respectively, corresponding to PE ratios of 15, 11, and 9 [1][2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved an operating income of 79.115 billion yuan, a year-on-year increase of 30.61%, and a net profit of 866 million yuan, up 117.23%. The non-recurring net profit was 820 million yuan, down 16% year-on-year [1][2]. - The gross margin and net margin were 10.73% and 1.76%, respectively, with year-on-year changes of -2.93 and +0.12 percentage points [1][2]. Business Segments - Container business revenue was 25 billion yuan, with a net profit of 1.276 billion yuan. The sales volume of dry cargo reached 1.3827 million TEU, a 425.54% increase [1][2]. - Offshore shipbuilding revenue was 7.784 billion yuan, with a net loss of 84 million yuan, showing a 53.70% reduction in losses. The backlog of orders reached 6.18 billion USD, a 20.9% increase year-on-year [1][2]. - The vehicle business reported a net profit of 574 million yuan, down 69.66% year-on-year, primarily due to a high base from the previous year [1][2]. - The energy and chemical business net profit was 242 million yuan, down 44.52% year-on-year, mainly due to pressure on overseas performance [1][2]. Valuation and Forecast - The company is expected to maintain a stable growth trajectory in the coming years, with optimistic projections for container demand and a stable replacement volume for old containers [1][2]. - The estimated earnings per share for 2024-2026 are projected to be 0.49 yuan, 0.67 yuan, and 0.81 yuan, respectively [2][14].