GAONA(SZ:300034) Orient Securities·2024-09-02 06:14Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.84 yuan, based on a projected 28 times PE for 2024 [2][3]. Core Insights - The company reported a revenue of 1.729 billion yuan for H1 2024, representing an 18.05% year-on-year increase, and a net profit of 180 million yuan, up 16.61% [1]. - The foundry alloy segment showed significant growth with a revenue of 1.242 billion yuan, a 38.00% increase, and a gross margin of 34.50%, up 6.33 percentage points [1]. - The company is a leading player in the high-end and new high-temperature alloy sector, actively expanding its industrial base [1]. Financial Performance - For H1 2024, the overall gross margin was 31.90%, an increase of 3.23 percentage points, while the net profit margin rose to 14.74%, up 2.06 percentage points year-on-year [1]. - The company adjusted its EPS forecasts for 2024 and 2025 to 0.53 yuan and 0.70 yuan respectively, with a new estimate for 2026 at 0.90 yuan [2]. - The revenue projections for the next few years are as follows: 4.289 billion yuan in 2024, 5.249 billion yuan in 2025, and 6.387 billion yuan in 2026, with respective growth rates of 25.8%, 22.4%, and 21.7% [2][8]. Segment Performance - The deformation alloy segment reported a revenue of 330 million yuan, down 6.47%, with a gross margin of 23.91%, up 7.42 percentage points [1]. - The new alloy segment saw a revenue decline of 23.71% to 149 million yuan, with a gross margin of 28.85%, down 25.50 percentage points [1]. - The company’s subsidiaries showed varied performance, with Hebei Dekai's revenue decreasing by 28.31% to 362 million yuan, while Xinlitong's revenue increased by 66.16% to 766 million yuan [1]. Project Development - The company has multiple projects under construction, with construction in progress increasing by 210.22% to 326 million yuan, primarily due to significant fixed asset investments [1]. - Accounts receivable increased by 51.76% to 1.711 billion yuan, attributed to decreased customer payments due to industry conditions [1].