BOSHI(SZ:002698) Jianghai Securities·2024-09-18 09:09Investment Rating - The investment rating for the company is "Buy (Maintain)" with a current price of 11.28 CNY and a target price of 19.04 CNY over a 6-month period [1]. Core Views - The company achieved record-high revenue and net profit in Q2 2024, with revenue of 7.90 billion CNY, up 19.82% year-on-year and 19.47% quarter-on-quarter, and net profit of 1.67 billion CNY, up 33.41% year-on-year and 58.2% quarter-on-quarter [3]. - The company is progressing well with its projects, including the intelligent factory for calcium carbide and humanoid robots, which are expected to drive future growth [3]. - The company has launched an employee stock ownership plan to enhance management quality and incentivize employees for long-term sustainable development [3]. - Future revenue projections for 2024-2026 are 31.55 billion CNY, 39.54 billion CNY, and 48.99 billion CNY, with net profits of 6.93 billion CNY, 9.09 billion CNY, and 10.70 billion CNY respectively, indicating a strong growth trajectory [4][5]. Financial Summary - The company reported a revenue of 14.52 billion CNY for the first half of 2024, a year-on-year increase of 4.51%, while the net profit attributable to shareholders was 2.73 billion CNY, down 18.71% year-on-year [2]. - The revenue breakdown shows that intelligent manufacturing equipment revenue was 9.04 billion CNY (down 9.38% year-on-year), industrial services revenue was 3.59 billion CNY (up 9.97% year-on-year), and environmental technology and equipment revenue was 1.89 billion CNY (up 188.06% year-on-year) [2]. - The company’s financial forecasts indicate a revenue growth rate of 19.11% for 2023, 23.00% for 2024, 25.30% for 2025, and 23.92% for 2026 [4][5].