DOUSON(603800) 华创证券·2024-09-19 09:39Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][4][16]. Core Views - The company achieved a revenue of 683 million in the first half of 2024, representing a year-on-year increase of 35.5%, and a net profit attributable to shareholders of 60 million, up 21.3% year-on-year [1][2]. - The decline in revenue from the electrolytic copper foil equipment business was noted, primarily due to intensified competition in the downstream copper foil processing industry, which affected the company's shipment and revenue recognition [2]. - The company has been actively divesting low-efficiency assets and accelerating its layout in high-end equipment manufacturing, including the transfer of 100% equity in Dawson Materials and Dawson Machinery [2]. - Share buybacks and executive stock purchases reflect the company's confidence in its development, with a total buyback amounting to approximately 100 million since 2023 [2]. Financial Summary - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 245 million, 311 million, and 357 million respectively, with corresponding EPS of 1.18, 1.49, and 1.72 [3][6]. - The total revenue is projected to be 2.014 billion in 2024, with a year-on-year growth rate of -10.0%, followed by a recovery in 2025 and 2026 with growth rates of 17.5% and 12.5% respectively [3][6]. - The company’s price-to-earnings ratio is expected to decrease from 17 in 2023 to 14 in 2024, and further down to 11 and 9 in 2025 and 2026 respectively [3][6].