Zhongyan Technology (003001) 华金证券·2024-09-03 15:08Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 21.98 CNY [1]. Core Viewpoints - The company's profitability continues to improve in H1 2024, with a significant increase in net profit by 250.27% year-on-year, reaching 20 million CNY [1]. - The company is successfully advancing its business transformation, reducing reliance on real estate, and focusing on key national strategic sectors such as nuclear power, ports, and water conservancy [1]. - The report highlights the company's strong cost control and management capabilities, with a decrease in expense ratios across various categories [1]. - The company is actively expanding into new growth areas driven by core technologies and materials, with significant breakthroughs in national key projects [1]. Financial Performance Summary - In H1 2024, the company achieved operating revenue of 409 million CNY, a decrease of 10.66% year-on-year, while net profit attributable to shareholders reached 20 million CNY, an increase of 250.27% [1]. - The gross profit margin for the company's geotechnical engineering and product sales improved significantly, with respective margins of 21.66% and 14.60% [1]. - The company forecasts net profits of 76 million CNY, 113 million CNY, and 159 million CNY for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.60, 0.89, and 1.26 CNY [2][3]. Business Strategy and Development - The company is focusing on innovation and has received 18 national patent authorizations during the reporting period, indicating a commitment to R&D in critical technology areas [1]. - The report emphasizes the company's dual-driven strategy of "core technology + core materials" to align with national strategic directions [1]. - The company has launched an employee stock option incentive plan, reflecting confidence in future performance growth [1].