HNZK Electric.(300035) 财信证券·2024-09-04 10:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 2.264 billion yuan in the first half of 2024, representing a year-on-year growth of 1.32%, and a net profit attributable to shareholders of 69 million yuan, up 155.44% year-on-year [2][4] - The lithium battery anode segment saw a significant increase in shipment volume, with a growth rate exceeding 50% [2] - The company is actively expanding its magnetic and electric equipment business, focusing on high-end electromagnetic metallurgy equipment and international steel markets [2] Financial Summary - The company’s main revenue projections are as follows: 5.373 billion yuan for 2024, 6.889 billion yuan for 2025, and 8.859 billion yuan for 2026 [4] - The projected net profit attributable to shareholders is 262 million yuan for 2024, 424 million yuan for 2025, and 622 million yuan for 2026 [4] - The earnings per share (EPS) are expected to be 0.38 yuan for 2024, 0.62 yuan for 2025, and 0.91 yuan for 2026 [4] - The company’s price-to-earnings (P/E) ratio is projected to be 20.77 for 2024, 12.86 for 2025, and 8.76 for 2026 [4] Operational Highlights - In Q2 2024, the company achieved a revenue of 1.198 billion yuan, a year-on-year increase of 0.39% and a quarter-on-quarter increase of 12.40% [2] - The gross margin and net margin for Q2 were reported at 19.78% and 6.85%, respectively, showing significant improvement [2] - The company has obtained 12 invention patents and has 103 patents under application [2]