NARI-TECH(600406) 国泰君安·2024-09-09 08:08Investment Rating - The report assigns a "Cautious Accumulate" rating to the company [3][4]. Core Views - The company's H1 2024 performance met expectations, with continuous progress in both internal and external business operations, as well as rapid growth in overseas business [3]. - The EPS forecasts for 2024 and 2025 have been adjusted to 1.00 and 1.10 CNY respectively, down from 1.08 and 1.25 CNY, while the 2026 EPS forecast is set at 1.20 CNY [3]. - The target price is maintained at 26.29 CNY, reflecting a valuation premium of 20% over comparable companies, corresponding to a PE of 23.90x for 2025 [3]. Financial Performance Summary - For H1 2024, the company achieved revenue of 20.114 billion CNY, a year-on-year increase of 10.02%, and a net profit attributable to shareholders of 2.709 billion CNY, up 8.36% year-on-year [3]. - The company's Q2 2024 revenue reached 12.415 billion CNY, showing a year-on-year growth of 2.99% and a quarter-on-quarter increase of 61.25% [3]. - The company's sales, management, and R&D expense ratios were 4.82%, 3.84%, and 9.20% respectively for H1 2024 [3]. Business Development Summary - The company has made significant strides in both internal and external markets, securing major projects in the domestic market while also expanding its external business [3]. - In H1 2024, the company won several key projects, including the SVG for Tibet's grid construction and various energy management centers [3]. - The overseas revenue reached 0.831 billion CNY, marking a substantial year-on-year growth of 92.8% [3]. Financial Forecast Summary - The financial summary indicates a steady growth trajectory, with projected revenues increasing from 51.573 billion CNY in 2023 to 68.824 billion CNY by 2026, reflecting a compound annual growth rate of approximately 10% [8]. - The net profit attributable to shareholders is expected to rise from 7.184 billion CNY in 2023 to 9.669 billion CNY in 2026 [8]. - The EPS is projected to grow from 0.89 CNY in 2023 to 1.20 CNY in 2026 [8].