Hainan Jinpan Smart Technology (SH:688676) Guotai Junan Securities·2024-09-09 04:06Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's H1 2024 performance met expectations, with rapid growth in overseas orders, benefiting from high demand for overseas power equipment [4]. - The EPS forecasts for 2024 and 2025 have been adjusted downwards to 1.39 and 2.09 CNY respectively, with a new forecast for 2026 set at 2.74 CNY [4]. - The target price remains at 43.37 CNY, reflecting the continued high demand for power equipment exports [4]. Financial Performance Summary - For H1 2024, the company achieved revenue of 2.916 billion CNY, a year-on-year increase of 0.79%, and a net profit attributable to shareholders of 222 million CNY, up 16.43% year-on-year [4]. - The company’s overseas sales revenue for the first half of 2024 reached 790 million CNY, representing a year-on-year growth of 48.5%, with a backlog of overseas orders amounting to 2.85 billion CNY, up 180.2% year-on-year [4]. - Domestic sales revenue for the same period was 2.11 billion CNY, down 10.0% year-on-year, with a backlog of domestic orders at 3.71 billion CNY, down 8.0% year-on-year [4]. Financial Forecasts - Revenue projections for the next few years are as follows: 2024E at 7.123 billion CNY, 2025E at 9.084 billion CNY, and 2026E at 11.132 billion CNY, with respective growth rates of 6.8%, 27.5%, and 22.5% [5]. - Net profit forecasts are set at 637 million CNY for 2024E, 954 million CNY for 2025E, and 1.252 billion CNY for 2026E, with growth rates of 26.3%, 49.7%, and 31.2% respectively [5]. Market Data - The company's current share price is 30.85 CNY, with a target price of 43.37 CNY indicating significant upside potential [3][4]. - The total market capitalization is approximately 14.112 billion CNY [7].