Zhongtai Cryogenic(300435) 德邦证券·2024-04-24 11:00Investment Rating - The report maintains a "Buy" rating for Zhongtai Co., Ltd. (300435.SZ) [3] Core Views - The overseas market remains buoyant, and the company is expected to achieve significant growth in performance throughout 2024 [2][6] - The company reported a Q1 2024 revenue of 816 million yuan, a year-on-year decrease of 14.24%, while the net profit attributable to shareholders was 70 million yuan, a year-on-year increase of 0.51% [2] - The company secured new orders worth 1.818 billion yuan in 2023, with overseas orders increasing by 335%, accounting for over 30% of new contracts [6][7] Summary by Sections Market Performance - The company’s stock price is currently at 13.67 yuan, with a 52-week price range of 10.78-15.25 yuan [3][12] - The absolute growth rates for the stock compared to the CSI 300 index show a decline of 34% as of April 2023 [5] Financial Data and Forecast - The company is projected to achieve revenues of 3.597 billion yuan, 4.007 billion yuan, and 4.388 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 18%, 11.4%, and 9.5% [8][12] - The net profit attributable to shareholders is expected to be 452 million yuan, 552 million yuan, and 630 million yuan for the same years, with growth rates of 29%, 22.2%, and 14.2% [8][12] Business Opportunities - The company is positioned to benefit from a new wave of equipment upgrades in the domestic market, driven by government policies promoting energy-efficient and environmentally friendly equipment [7] - The gas operation segment is improving, with a significant project in Shandong generating revenue of 48.24 million yuan in 2023 [8]