Shanghai Bloom Technology (603325) 华鑫证券·2025-02-17 08:56Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [7]. Core Insights - The demand in the pneumatic conveying sector is continuously growing, and the company's products are expected to benefit significantly from this trend [2]. - The company has a robust order backlog, with orders amounting to 4.92 billion yuan as of June 30, 2024, which is expected to drive revenue recovery in Q3 [3]. - The company focuses on optimizing its business layout in the pneumatic conveying industry, maintaining a leading market share in the domestic synthetic resin sector [4][6]. Summary by Sections Market Demand and Growth - The global pneumatic conveying system market was valued at 28.4 billion USD in 2021, with a projected CAGR of 5.80% from 2022 to 2027, reaching 40.5 billion USD by 2027 [2]. - The advancement of industrial automation is expected to sustain growth in the pneumatic conveying industry, supported by national policies [2]. Order Backlog and Revenue Performance - The company reported a significant order backlog of 4.92 billion yuan, with over 50% of revenue coming from projects exceeding 40 million yuan [3]. - Revenue for H1 2024 was 368 million yuan, a decline of 34.86% year-on-year, primarily due to delays in project acceptance [3]. - Q3 2024 is anticipated to show revenue recovery, with a projected 9.25% year-on-year growth [3]. Business Focus and Competitive Position - The company is a qualified supplier of pneumatic conveying systems for major petrochemical and chemical enterprises, with advanced design and production capabilities [4]. - It has completed numerous large-scale projects and is expanding its product applications in various industries, including organic silicon and biodegradable plastics [6]. Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 1.425 billion yuan, 1.932 billion yuan, and 2.437 billion yuan, respectively, with corresponding EPS of 4.85 yuan, 6.64 yuan, and 8.09 yuan [7][9]. - The company is expected to maintain a strong growth trajectory, driven by the increasing demand for pneumatic conveying systems [7].