Libert(605167) 天风证券·2024-07-19 09:30Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.71 CNY, indicating an expected upside of over 20% from the current price of 7.1 CNY [8][6]. Core Insights - The company achieved significant revenue growth in Q2, with a year-on-year increase of 48.04%, resulting in a total revenue of 11.40 billion CNY for the quarter. The net profit for the same period rose by 68.78% to 0.90 billion CNY, reflecting a net profit margin increase to 7.88% [3][6]. - The company has secured substantial contracts, including a major project worth 1.095 billion CNY, which will support its long-term performance. The backlog of orders is robust, ensuring continued revenue generation [4][6]. - The company plans to issue convertible bonds to raise 750 million CNY for expanding its manufacturing capabilities, which is expected to enhance its production capacity for industrial modules [5][6]. Financial Summary - The company reported a revenue of 1,721.12 million CNY in 2022, with projections of 3,242.34 million CNY for 2023 and 4,078.44 million CNY for 2024, indicating a growth rate of 88.39% for 2023 [7][10]. - The net profit attributable to the parent company is projected to grow from 190.18 million CNY in 2023 to 240.45 million CNY in 2024, reflecting a growth rate of 26.43% [7][15]. - The company's EBITDA is expected to increase from 313.94 million CNY in 2023 to 365.09 million CNY in 2024, with a corresponding EV/EBITDA ratio decreasing from 11.44 to 6.83 [7][15]. Market Position - The company operates in the construction and engineering sector, focusing on industrial module design and manufacturing, leveraging its integrated service capabilities across the entire value chain [6][8]. - The company has a total market capitalization of 3,188.40 million CNY and a circulating market value of 1,579.86 million CNY, with a price-to-earnings ratio of 16.76 for 2023 [8][7].