Taihe Intelligent(603656) 华龙证券·2024-09-02 05:04Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company's main business is steadily developing, with significant reduction in losses from coal sorting operations. The core business focuses on intelligent detection and sorting equipment, primarily for agricultural and sideline products. After nearly a decade of rapid growth, the industry has entered a mature phase with stable market demand and a stable competitive landscape. The company is one of the industry leaders, with its agricultural and sideline product sorting equipment sold in over 30 provinces and exported to more than 100 countries [1][2] - The company achieved operating revenue of 224 million yuan in the first half of 2024, a year-on-year increase of 2.92%. The net profit attributable to the parent company was 7 million yuan, showing a decline compared to the previous year [1] - The intelligent detection and sorting equipment business generated revenue of 182 million yuan, accounting for 81% of total revenue, with a gross margin of 40.66%, slightly down from 43.1% at the end of 2023 but still maintaining a high level above 40% [1] - The coal sorting business significantly reduced losses, with the subsidiary Zhuohai Intelligent reporting a net profit of -7.82 million yuan, a substantial improvement from -23.53 million yuan in the same period of 2023. The company has increased efforts to develop new customers and manage production rhythm, achieving revenue of 6.24 million yuan in this segment [1] Financial Summary - The company forecasts operating revenue of 532 million yuan for 2024, with a growth rate of 4.40%. The net profit attributable to the parent company is expected to be 13 million yuan, reflecting a growth rate of 15.39% [2][4] - The operating cash flow for the first half of 2024 was 6.89 million yuan, a significant increase of 161.45% compared to -1.13 million yuan in the same period of 2023 [1] - The company’s financial ratios indicate a stable gross margin of over 40%, with projected net profit margins improving in the coming years [6] Comparable Company Analysis - The company is compared with similar businesses such as Meiya Optoelectronics, Robots, and Tuosida, with corresponding P/E ratios for 2024 estimated at 182.9 times, 106.8 times, and 77.9 times respectively [3][6] - The average P/E ratio for comparable companies is 34.2 times for 2024, indicating a potential valuation gap [3] Conclusion - The report suggests that the company is well-positioned in a stable industry with a strong market presence and improving financial metrics, making it a favorable investment opportunity [1][2][3]