YINGLIU(603308) Guolian Securities·2024-09-04 08:44Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.268 billion yuan in H1 2024, a year-on-year increase of 7.12%, while the net profit attributable to shareholders was 152 million yuan, a decrease of 5.95%. The non-recurring net profit attributable to shareholders was 149 million yuan, an increase of 13.61% [2][6] - The "Two Machines" business continues to grow, with aerospace new materials and components revenue increasing by 19.65% year-on-year in H1 2024. The company has made technological breakthroughs in the gas turbine sector and is supplying key components for the C919 and C929 aircraft [6] - The approval of 11 new nuclear power units in August 2024 is expected to gradually release demand for nuclear power equipment and materials. The company's nuclear energy new materials and components business saw a revenue increase of 18.39% year-on-year in H1 2024 [6] - The low-altitude economy products are opening up growth opportunities, with successful developments in engine optimization and assembly [6] - The company forecasts revenues of 2.878 billion, 3.311 billion, and 3.621 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 384 million, 495 million, and 607 million yuan, indicating a compound annual growth rate (CAGR) of 26.06% over three years [6][7] Financial Data Summary - In 2024E, the company expects revenue of 2.878 billion yuan, a growth rate of 19.34%, and a net profit of 384 million yuan, with a growth rate of 26.51% [7] - The earnings per share (EPS) for 2024E is projected to be 0.57 yuan, with a price-to-earnings (P/E) ratio of 17.4 [7] - The company’s total assets are expected to reach 10.923 billion yuan by 2024, with a debt-to-asset ratio of 55.91% [4][9]