CIMC(SZ:000039) Tianfeng Securities·2024-09-01 12:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Insights - The company has shown a significant recovery in its core business lines, with container manufacturing and marine engineering sectors performing particularly well [4][8]. - Revenue for the first half of 2024 reached 79.115 billion yuan, a year-on-year increase of 30.61%, while net profit attributable to the parent company was 866 million yuan, up 117.23% year-on-year [2]. - The company is expected to achieve net profits of 2.52 billion, 3.76 billion, and 4.45 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 16.1, 10.8, and 9.1 [4]. Financial Data and Valuation - Revenue (in million yuan) is projected to grow from 127,809.52 in 2023 to 182,336.51 in 2026, with a growth rate of 19.90% in 2024 [1]. - EBITDA is expected to increase from 10,317.12 million yuan in 2023 to 18,379.45 million yuan in 2026 [1]. - The net profit attributable to the parent company is forecasted to recover significantly from 421.25 million yuan in 2023 to 4,452.73 million yuan in 2026, reflecting a growth rate of 498.16% in 2024 [1]. - The company's P/E ratio is projected to decrease from 96.14 in 2023 to 9.10 in 2026, indicating improved valuation as earnings recover [1]. Business Segment Performance - The container manufacturing segment reported a revenue of 24.95 billion yuan in the first half of 2024, a year-on-year increase of 83%, with net profit rising by 66% [4]. - The marine engineering business saw a revenue increase of 88.95% year-on-year in the first half of 2024, with a significant reduction in losses [4]. - The road transport vehicle business demonstrated resilience with a quarter-on-quarter net profit increase of 12.45% in Q2 2024 [4].