Furuise(300228) GF SECURITIES·2024-04-30 01:02Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.74 CNY per share, compared to the current price of 7.11 CNY [4][43]. Core Views - The high demand for natural gas heavy trucks is expected to continue, with significant growth in sales and market penetration, which will enhance the profitability of gas cylinders [2][8]. - The heavy equipment and natural gas operation and maintenance services provide stable support, while the hydrogen energy business opens up long-term growth opportunities [2][8]. Summary by Sections Company Overview - The company is a leading manufacturer in the LNG equipment industry, focusing on three main areas: low-temperature storage and transportation equipment, heavy equipment, and LNG sales and operation services [8]. Business Segments 1. Low-Temperature Storage and Transportation Equipment - This segment includes LNG vehicle gas cylinders, storage tanks, valves, and tank trucks, generating 1.412 billion CNY in revenue in 2023, accounting for 46% of total revenue. The market for LNG vehicle gas cylinders is expected to grow significantly due to the increasing penetration of natural gas heavy trucks [20][21]. 2. Heavy Equipment - The heavy equipment segment, which includes pressure vessels such as towers and reactors, generated 879 million CNY in revenue in 2023, accounting for 29% of total revenue. The segment is expected to see a revenue growth of 20% in 2024 due to increased recognition from overseas clients and a robust order backlog [9][21]. 3. Natural Gas Operation and Maintenance Services - This segment generated 593 million CNY in revenue in 2023, accounting for 20% of total revenue. The company aims to replicate its successful domestic operation model overseas, with expected revenue growth of 48% in 2024 [21]. Financial Forecast - The company is projected to achieve revenues of 40.19 billion CNY, 51.28 billion CNY, and 65.25 billion CNY for the years 2024, 2025, and 2026, respectively. The net profit is expected to reach 2.80 billion CNY, 4.19 billion CNY, and 5.24 billion CNY during the same period [15][25].