卓然股份：加大高端绿色低碳领域

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported a revenue of 1.359 billion yuan for the first half of 2024, a slight decrease of 0.17% year-on-year. The net profit attributable to shareholders was 35.4945 million yuan, down 40.28% year-on-year. The net cash flow from operating activities was -56.0682 million yuan, an increase of 85.88% year-on-year. In the second quarter of 2024, revenue was 1.307 billion yuan, an increase of 0.10% year-on-year and a significant increase of 2446.04% quarter-on-quarter. The net profit attributable to shareholders for the second quarter was 75.6942 million yuan, down 44.89% year-on-year but up 288.30% quarter-on-quarter [4][5]. Summary by Sections Company Overview - The company is actively increasing its focus on high-end, green, and low-carbon sectors. In July 2024, several government departments issued a plan emphasizing the importance of fine chemicals and new chemical materials for the high-quality development of the petrochemical industry, indicating a shift towards high-end, green, and intelligent development [4][5]. Strategic Initiatives - The company is responding to national green development strategies by increasing investment in technological innovation and accelerating the research and application of green and low-carbon technologies. It aims to promote cleaner energy, low-carbon processes, and green products. The company has formed expert groups to focus on low-carbon technologies in the petrochemical industry and is exploring pathways for intelligent, green, and high-end implementations [5]. Market Potential - The petrochemical equipment industry has been experiencing continuous growth since 2017, with a projected compound annual growth rate of approximately 7.2% from 2024 to 2027, potentially reaching a market size of 951.4 billion yuan by 2027 [5]. Partnerships and Collaborations - The company has signed a memorandum with Linde to implement the EDHOXTM technology in China and globally, enhancing its competitive advantage in integrated design and manufacturing [5]. Financial Projections - The company is expected to achieve net profits of 160 million yuan, 240 million yuan, and 320 million yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios based on the closing price on August 29, 2024, are projected to be 14.1X, 9.5X, and 7.1X [5].