Luyang Energy-saving Materials (002088) 国联证券·2024-09-03 05:30Investment Rating - The investment rating for the company is "Buy" [4][6]. Core Views - The company is experiencing pressure on revenue and profit growth, but positive signals are emerging. The acquisition of Qina Shanghai is expected to contribute to growth, and the company is solidifying its leading position in ceramic fibers while actively developing automotive pads and industrial filtration products [2][6][4]. - The company is expected to achieve net profits of 610 million, 680 million, and 780 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 23%, 13%, and 14% [6][7]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 1.61 billion yuan, a year-on-year decrease of 4.2%, and a net profit of 210 million yuan, down 7.6% year-on-year. The second quarter of 2024 saw revenue of 910 million yuan, a decrease of 1.6% year-on-year, and a net profit of 120 million yuan, down 9.5% year-on-year [2][6]. - The gross margin for the first half of 2024 was 28.8%, a decrease of 1.7 percentage points year-on-year. The gross margins for ceramic fibers, automotive pads, and industrial filtration products were 31.0%, 6.8%, and 10.6% respectively [6][7]. - The company’s total assets are projected to grow from 39.15 billion yuan in 2022 to 48.47 billion yuan in 2026, with a steady increase in revenue from 3.37 billion yuan in 2022 to 4.75 billion yuan in 2026 [7][9].