青龙管业：2024年中报点评：水利管网受益品种，业绩创上市以来同期新高

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [2]. Core Views - The company reported strong growth in H1 2024, achieving revenue of 1.08 billion yuan, a year-on-year increase of 31.7%, and a net profit attributable to shareholders of 72 million yuan, up 421.3% year-on-year [1][3]. - The growth in revenue is attributed to the normalization of project funding and delivery schedules, as well as strategic market expansion efforts [1]. - The company focuses on high-quality water supply pipeline products and provides comprehensive water-saving solutions, with a strong presence in the northwest market and progress in other regions [1][3]. Financial Performance - In H1 2024, the company achieved a gross margin of 31.95%, an increase of 4.5 percentage points year-on-year, and a net profit margin of 7.47%, up 5.0 percentage points year-on-year [1]. - The company’s revenue from concrete pipes reached 473 million yuan, a year-on-year increase of 49%, while revenue from plastic pipes was 328 million yuan, up 35% year-on-year [1]. - The company’s cash flow from operations improved, with a net cash flow of -62 million yuan, an improvement from -77 million yuan in the same period last year [1]. Future Outlook - The company is well-positioned in the high-demand water resource allocation sector, with significant government support for water infrastructure projects [1][3]. - The report highlights the company's competitive edge in the PCCP market and its comprehensive service capabilities in water conservancy engineering [3]. - The company has secured new contracts worth 1.302 billion yuan in H1 2024, with a backlog of contracts amounting to 2.167 billion yuan to be executed in future periods [3]. Earnings Forecast - The forecast for net profit attributable to shareholders is 178 million yuan for 2024, 200 million yuan for 2025, and 218 million yuan for 2026, corresponding to P/E ratios of 19.7, 17.5, and 16.0 respectively [4].