Jalon(SH:688357) Shanxi Securities·2025-09-03 11:06Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook based on expected growth and strategic developments [3][8]. Core Insights - The company reported a revenue of 378 million yuan for the first half of 2025, a year-on-year increase of 0.33%, and a net profit of 49 million yuan, up 4.91% year-on-year [3]. - The second quarter of 2025 saw a revenue of 201 million yuan, reflecting an 8.32% increase year-on-year, with net profit rising significantly by 57.60% to 23 million yuan [3][4]. - The company is focusing on optimizing its product structure and enhancing cost control to maintain operational stability amid industry fluctuations [4]. - The Thai base has emerged as a new growth engine, with revenue from this segment reaching 57.47 million yuan, a 47.89% increase year-on-year [5]. - The planned acquisition of Shanghai Hanheng Energy is expected to strengthen the company's capabilities in providing integrated solutions in the petrochemical and energy sectors [6]. Financial Performance - The company is projected to achieve revenues of 891 million yuan, 1.021 billion yuan, and 1.169 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14.45%, 14.51%, and 14.56% [8]. - Net profit forecasts for the same years are 109 million yuan, 128 million yuan, and 147 million yuan, with growth rates of 45.72%, 17.28%, and 14.79% [8]. - The earnings per share (EPS) are expected to be 1.09 yuan, 1.28 yuan, and 1.47 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 29.78, 25.39, and 22.12 [8]. Business Strategy - The company is enhancing its product offerings in sustainable aviation fuel (SAF), carbon capture, and other emerging fields, which are expected to contribute to future growth [5]. - The integration of material customization, equipment matching, and process package delivery is a strategic focus, aiming to create a comprehensive service model for the energy and chemical industries [6].