Anbang Save-Guard (603373) 华金证券·2024-09-01 09:30Investment Rating - The report assigns a rating of "Accumulate - A" to the company, with a target price of 26.47 CNY as of August 30, 2024 [1]. Core Insights - The company has shown stable growth in its core business, with a revenue of 1.257 billion CNY in the first half of 2024, representing a year-on-year increase of 9.60%. The net profit attributable to shareholders reached 53 million CNY, up 9.82% year-on-year [1][4]. - The growth in revenue is primarily driven by the comprehensive security and emergency response services, with the emergency response segment experiencing a significant increase of 92.14% [1][2]. - The company is expanding its overseas security services and has established partnerships with international entities, indicating a strong potential for growth in this area [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.257 billion CNY, a 9.60% increase compared to the previous year. The net profit attributable to shareholders was 53 million CNY, reflecting a 9.82% growth [1]. - The operating cash flow showed a net outflow of 134 million CNY, which is a 36.53% decrease from the previous year, indicating cash flow pressures due to project payment delays [1][4]. Business Segments - The company operates in three main segments: financial security services, comprehensive security services, and emergency response services. The revenue growth rates for these segments in the first half of 2024 were 3.72%, 20.91%, and 92.14%, respectively [1][2]. - The financial security services segment remains robust, with a focus on cash management and security escort services, while the comprehensive security services are expanding through contracts with local governments and enterprises [2][4]. Future Outlook - The company is expected to maintain a positive growth trajectory, with projected revenues of 2.731 billion CNY, 3.019 billion CNY, and 3.360 billion CNY for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 9.9%, 10.6%, and 11.3% [4][8]. - The emergency response services are anticipated to grow significantly, with expected revenues of 199.74 million CNY, 288.23 million CNY, and 386.22 million CNY for the same period, indicating strong demand in this sector [8][12]. Valuation Metrics - The report provides earnings per share (EPS) estimates of 1.21 CNY, 1.35 CNY, and 1.50 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 21.9x, 19.7x, and 17.6x [6][11]. - The company is positioned as a leader in the armed escort service sector within Zhejiang province, with a comprehensive security service matrix that enhances its market presence [4][10].