润邦股份：海外订单充足，海工将迎修复

Investment Rating - The investment rating for the company is "Outperform the Market" [8][22][27] Core Viewpoints - The company has sufficient orders on hand, with reduced impairment risks, and is expected to benefit from strong overseas infrastructure demand, an upturn in the shipping cycle, and improved domestic and international offshore wind demand [9][21] - The company's revenue from material handling equipment, marine engineering equipment, and hazardous waste treatment is expected to grow significantly, with a projected revenue increase from 71.83 billion yuan in 2023 to 109.06 billion yuan by 2026 [14][23] - The company has successfully reduced goodwill impairment risks, with the proportion of goodwill to net assets decreasing from 21.57% in 2021 to 5.49% in 2023 [9][21] Summary by Relevant Sections Market Overview - The global material handling equipment market is projected to grow from 168 billion USD in 2023 to 275.1 billion USD by 2032, with a CAGR of 5.5% [7] - The marine crane market is expected to grow from 28.13 billion USD in 2023 to 72.16 billion USD by 2031, with a CAGR of 12.5% [7] Financial Performance - The company's revenue for 2023 was 71.83 billion yuan, a year-on-year increase of 38.82%, while the net profit was 0.55 billion yuan, a year-on-year increase of 4.12% [21][23] - The projected net profit for 2024 and 2025 is expected to be 3.51 billion yuan and 4.91 billion yuan, respectively, with corresponding EPS of 0.40 and 0.55 yuan per share [22][27] Product Segmentation - Revenue from material handling equipment accounted for 57.24% of total revenue, while marine engineering equipment contributed 20.04% [21] - The gross margin for material handling equipment and marine engineering equipment is 18.96% and 19.22%, respectively [21] Valuation - The company is valued at a PE ratio of 15-18X for 2024, with a reasonable value range of 6.00-7.20 yuan per share [22][27]