JIULI Hi-tech(002318) 中邮证券·2024-09-02 05:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant increase in stock price relative to the benchmark index over the next six months [6][9]. Core Insights - The company has achieved a revenue of 4.831 billion yuan in H1 2024, representing a year-on-year growth of 28%. The net profit attributable to shareholders decreased by 10% to 644 million yuan, while the net profit excluding non-recurring items increased by 34% to 653 million yuan [3][4]. - The company is focusing on product "high-end" development and market "globalization," with high-value-added products accounting for approximately 22% of total revenue, growing by 40% year-on-year. International revenue reached 1.669 billion yuan, making up 35% of total revenue, with a year-on-year increase of 61% [4]. - The company has seen a 39% year-on-year increase in revenue from the oil, chemical, and natural gas sectors, driven by efforts to expand into high-end product markets domestically and internationally [4]. - The gross profit margin improved by 1.98 percentage points to 24.91% in H1 2024, with a decrease in the four expense ratios by 1.57 percentage points [4]. Financial Performance Summary - For H1 2024, the company reported a revenue of 4.831 billion yuan, with a year-on-year growth rate of 28% [3]. - The net profit attributable to shareholders was 644 million yuan, down 10% year-on-year, while the net profit excluding non-recurring items was 653 million yuan, up 34% [3][4]. - The company expects net profits for 2024-2026 to be 1.555 billion yuan, 1.794 billion yuan, and 2.002 billion yuan, respectively, with corresponding P/E ratios of 12, 10, and 9 times [6].