NARI-TECH(600406) 国联证券·2024-09-03 05:31Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a steady growth in performance with a revenue of 20.114 billion yuan in H1 2024, representing a year-on-year increase of 10.02%, and a net profit attributable to shareholders of 2.709 billion yuan, up 8.36% year-on-year. In Q2 2024, the revenue reached 12.416 billion yuan, a year-on-year increase of 2.73% and a quarter-on-quarter increase of 61.27%, with a net profit of 2.114 billion yuan, up 6.95% year-on-year and 254.82% quarter-on-quarter. The performance met expectations, and the company is expected to benefit from accelerated domestic grid investment and ongoing overseas business expansion, forming a second growth curve [2][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 20.114 billion yuan, a year-on-year increase of 10.02%, and a net profit of 2.709 billion yuan, up 8.36% year-on-year. The Q2 2024 revenue was 12.416 billion yuan, a year-on-year increase of 2.73% and a quarter-on-quarter increase of 61.27%, with a net profit of 2.114 billion yuan, up 6.95% year-on-year and 254.82% quarter-on-quarter [2][6]. Business Segments - The company's main business segments showed stable growth, with revenues from smart grid, digital energy integration, low-carbon energy, and industrial interconnection products reaching 9.357 billion, 3.735 billion, 5.052 billion, and 1.209 billion yuan respectively, with year-on-year growth rates of 1.80%, 14.86%, 32.70%, and 6.05%. The gross margins for these segments were 33.57%, 26.07%, 23.27%, and 22.52% respectively [6]. Order Book and Contracts - The company signed new contracts worth 28.7 billion yuan in H1 2024, a year-on-year increase of 10.7%, indicating a robust order book [6]. International Business - The company reported a significant increase in non-grid revenue, reaching 8.930 billion yuan, up 24.41% year-on-year, with overseas revenue growing by 92.80% to 0.831 billion yuan, driven by successful projects in Saudi Arabia, Pakistan, and Brazil [6]. Earnings Forecast - The company is projected to achieve revenues of 57.589 billion, 64.294 billion, and 71.953 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11.67%, 11.64%, and 11.91%. The net profit attributable to shareholders is expected to be 8.012 billion, 9.007 billion, and 10.220 billion yuan for the same years, with growth rates of 11.53%, 12.41%, and 13.47% respectively [6][7].