CGNNT(000881) 海通国际·2024-09-03 13:03Investment Rating - The report does not explicitly state an investment rating for Cgn Nuclear Technology Development (000881 CH) Core Views - The company's profit loss narrowed year-on-year in 2024H1, with operating income of 2.828 billion yuan, a decline of 1.26% year-on-year, and a net loss of 86.5778 million yuan, an increase of 18.56% year-on-year [1][3] - The primary reasons for the continued loss include underperformance in the new materials business and losses from incubation period businesses, with the new materials business profit decreasing by 35 million yuan year-on-year [1][2] - The company successfully completed the proton therapy equipment manufacturing base, marking a significant milestone in domestic production capabilities [2][3] Summary by Sections Financial Performance - In 2024H1, the company reported operating income of 2.828 billion yuan, a year-on-year decline of 1.26%, and a net loss of 86.5778 million yuan, which is an increase of 18.56% year-on-year [1][3] - In Q2 2024, total operating income was 1.518 billion yuan, a quarter-on-quarter increase of 15.88%, but a year-on-year decline of 7.30% [1][3] - The gross profit margin for Q2 2024 was 13.69%, reflecting a quarter-on-quarter increase of 2.49 percentage points and a year-on-year increase of 1.69 percentage points [1][3] Business Segments - Electron accelerator and irradiation processing achieved operating income of 186 million yuan, an increase of 18.34% year-on-year, with a gross profit margin of 31.44% [2][3] - New materials segment reported operating income of 2.282 billion yuan, a year-on-year increase of 5%, but with a gross profit margin of 9.44%, down 2.70 percentage points [2][3] - Import and export trade saw a significant decline in revenue, down 71.90% year-on-year, while ocean shipping revenue decreased by 5.10% year-on-year [2][3] Market Position and Growth - The company maintained a leading market share in the domestic industrial electron accelerator sector, with a 12.08% increase in sales contract value year-on-year [2][3] - New order volume in irradiation processing increased by 25.43% year-on-year, with over 100 new irradiation customers acquired [2][3] - The company has developed 12 special incremental products targeting blank markets in mature products, with significant growth in the "three new" market segment [2][3] Innovation and Development - In 2024H1, the company was granted 39 new invention patents and completed the construction of the proton therapy equipment manufacturing base, which is the first domestic commercial proton therapy system localization base [2][3] - The company is actively promoting the Yangtze River Delta Innovation Center for nuclear technology, focusing on key research projects such as proton medical equipment [2][3]