Youngsun Intelligent(603901) 财通证券·2024-09-16 08:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's short-term performance is under pressure due to slowing growth in downstream industries and rising costs [1] - The company reported a revenue of 1.685 billion yuan for the first half of 2024, a year-on-year increase of 5.89%, but a net profit attributable to shareholders of 68 million yuan, down 48.87% year-on-year [3] - The company is focusing on expanding its liquid packaging line, with steady growth in beverage packaging production lines [3] - Despite short-term challenges in the dairy industry, there are opportunities for import substitution due to imbalanced supply and demand [3] Financial Performance Summary - For 2024, the company is expected to achieve revenues of 3.258 billion yuan, with net profits of 114 million yuan, corresponding to a PE ratio of 24.30 [4] - Revenue growth rates are projected at 3.57% for 2024, 23.74% for 2025, and 26.20% for 2026 [5] - The company's gross profit margin for Q2 was 28.09%, a decrease of 1.41 percentage points year-on-year [3] - The company's inventory as of 2023 was 3.104 billion yuan, an increase of 25.52% year-on-year, indicating future revenue certainty [3] Market Position and Strategy - The company is capitalizing on the increasing demand for sugar-free beverages, with the proportion of sugar-free tea drinks rising from 14% to 27% in 2023 [3] - The company is enhancing its offerings in sterile filling equipment and solid food packaging equipment to meet market demands [3] - The dairy consumption in China is currently below the recommended levels, indicating potential growth opportunities in the future [3]