Northglass(002613) 中原证券·2024-09-18 06:00Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [1]. Core Views - The company experienced short-term performance fluctuations but is expected to maintain a leading position in the glass tempering equipment sector in the long term [1][2]. - The company is the only publicly listed entity in China primarily engaged in glass tempering equipment, holding a global market share of 10.66% in 2022 [1][2]. - The company plans to issue non-public shares to expand production capacity, which is expected to alleviate capacity bottlenecks and enhance market share [2]. Summary by Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 807.91 million yuan, a year-on-year decline of 8.10%, and a net profit attributable to shareholders of 70.68 million yuan, down 11.63% year-on-year [1]. - The glass tempering equipment segment achieved revenue of 412 million yuan, a year-on-year increase of 2.17%, while the deep processing glass segment saw revenue decline to 323 million yuan, down 7.24% year-on-year [1][2]. Market Position and Strategy - The company is actively expanding its international market presence, with export revenue increasing by 24.58% year-on-year, particularly through projects like the Saudi Future City [2]. - The company’s deep processing glass products are positioned in the high-end market, emphasizing differentiation and innovation [2]. Future Projections - The report forecasts net profits for the company to be 91 million yuan, 103 million yuan, and 161 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.10 yuan, 0.11 yuan, and 0.17 yuan [2][3]. - The company is expected to enhance its production capacity significantly through its planned fundraising projects, which will add 200 units of glass tempering equipment and 10,000 units of energy-saving fan equipment [2].