Beijing Relpow Technology (300593) 兴业证券·2024-09-13 02:10Investment Rating - The report maintains an "Increase" rating for the company [1][2]. Core Viewpoints - In the first half of 2024, the company achieved operating revenue of 489 million yuan, a year-on-year decrease of 44.93%, primarily due to order fluctuations and insufficient market demand [2]. - The net profit attributable to the parent company was -68 million yuan, a year-on-year decrease of 135.73%, with a basic earnings per share of -0.13 yuan, down 137.14% year-on-year [2]. - The company increased its R&D investment, with total expenses of 280 million yuan in the first half of 2024, a year-on-year increase of 20.52%, and R&D expenses of 192 million yuan, up 26.28% year-on-year [2]. - The report projects net profits for 2024-2026 to be 11 million, 201 million, and 326 million yuan respectively, with corresponding EPS of 0.02, 0.37, and 0.60 yuan, leading to a PE ratio of 474.1, 24.9, and 15.4 times based on the closing price on September 10 [2][3]. Financial Summary - For the first half of 2024, the company's gross margin was 42.88%, down 7.19 percentage points year-on-year, while the net profit margin was -13.92%, a decrease of 35.39% year-on-year [2]. - The company reported a net cash flow from operating activities of 32 million yuan, an increase of 212 million yuan compared to the same period in 2023 [2]. - The total assets of the company as of the end of 2024 are projected to be 4,494.41 million yuan, with total liabilities of 1,384 million yuan [1][4].