纽威股份：技术&成本构建优势，海工油气景气带动业绩提升

Investment Rating - The report assigns a "Buy" rating for the company [11]. Core Insights - The company has a comprehensive valve product layout and is experiencing a favorable business environment in the offshore oil and gas sector, leading to significant revenue and profit growth [6][41]. - The valve industry has a vast market space with numerous opportunities in both domestic and export markets, particularly for Chinese manufacturers [7][73]. - The company is positioned well within the global supply chain of major clients, leveraging its technological advantages and cost efficiencies [9][24]. Summary by Sections Company Overview - The company produces a wide range of valve types, including ball valves, gate valves, globe valves, and butterfly valves, with a focus on global sales through direct subsidiaries and offices in key regions [6][54]. - The company has seen a revenue increase of 36.59% and a profit increase of 54.85% in 2023, with a 40.7% year-on-year growth in net profit for the first three quarters of 2024 [6][41]. Market Analysis - The global valve market is projected to exceed $100 billion by 2030, with significant growth opportunities for Chinese manufacturers, who currently hold less than 1% of the global market share [7][73]. - The offshore oil service, LNG, and nuclear power sectors are currently experiencing high demand, contributing to the overall growth of the valve industry [8][73]. Technological and Competitive Position - The company is leading in the localization of high-end valves, particularly in underwater and ultra-low temperature applications, and has established strategic partnerships with major global energy companies [9][24]. - The company’s casting and forging technology is among the best in the domestic valve industry, enhancing its competitive edge [9][24]. Financial Performance - The company has shown a consistent recovery in profitability since 2021, with a stable decline in expense ratios, particularly in R&D and sales [43][44]. - The projected net profits for 2024-2026 are estimated at 1 billion, 1.193 billion, and 1.346 billion yuan, respectively, with corresponding P/E ratios of 18, 15, and 13 [9][70].