Investment Rating - The report maintains a "Buy" rating for Runar Intelligent (301129 SZ) [4] Core Views - Runar Intelligent is a leading smart heating company benefiting from local debt resolution policies [2] - The company's downstream customers are mainly state-owned heating companies, which have been operating at a loss due to the "market coal, planned heat" situation [2] - Recent debt resolution measures, including the allocation of 6 trillion yuan debt quota to local governments, are expected to alleviate funding issues for heating renovation projects [2] - The company's smart heating products can achieve comprehensive energy savings of 10%-30%, positioning it to benefit from urban pipeline renovation policies [2] - Runar Intelligent has successfully expanded its business in Xinjiang, a key region for China's western development strategy and the Belt and Road Initiative [2] - The company is actively developing SiC (silicon carbide) business through its subsidiary Hefei Gaona Semiconductor, which could become a new growth driver [2] Financial Projections - Revenue is projected to be 390 million yuan in 2024, 502 million yuan in 2025, and 630 million yuan in 2026 [3] - Net profit attributable to parent company is forecasted to be 78 million yuan in 2024, 109 million yuan in 2025, and 142 million yuan in 2026 [3] - EPS is expected to be 0 57 yuan in 2024, 0 80 yuan in 2025, and 1 04 yuan in 2026 [3] - ROE is projected to increase from 4 5% in 2024 to 7 4% in 2026 [3] - P/E ratio is expected to decrease from 42 2x in 2024 to 23 2x in 2026 [3] Industry Outlook - China's urban pipeline renovation is expected to significantly accelerate, with an estimated total investment demand of 4 trillion yuan over the next five years [2] - Heating facility renovation is particularly prioritized due to its high social and energy-saving benefits [2] - The SiC industry is experiencing rapid growth, driven by applications in 5G, new energy vehicles, photovoltaic industry, and rail transportation [2] Company Strategy - Runar Intelligent has established subsidiaries in Xinjiang to expand its regional presence [2] - The company is investing in SiC crystal research and production, with 10 8-inch resistance and induction furnaces as of H1 2024 [2] - Runar Intelligent is building production lines for SiC substrate processing and conducting small-scale mass production [2]
瑞纳智能：核心受益地方化债的智慧供热领军者