SIEYUAN(002028) 光大证券·2024-08-18 02:08Investment Rating - Maintains a "Buy" rating due to strong competitiveness in the power grid equipment sector and continuous improvement in profitability [3][7] Core Views - The company has significant advantages in the industry, with diversified product layouts driving growth [2] - Actively expanding overseas business, with overseas revenue reaching 1.515 billion yuan in 2024H1, a year-on-year increase of 40.04% [2] - Overall gross profit margin increased by 2.69 percentage points to 31.75% in 2024H1, with net profit margin rising by 1.18 percentage points to 14.39% [2] - The company aims to achieve new contract orders of 20.6 billion yuan (excluding tax) in 2024, a year-on-year increase of 25%, with revenue expected to reach 15 billion yuan, a 20% increase [2] Financial Performance - 2024H1 revenue reached 6.166 billion yuan, a year-on-year increase of 16.27%, with net profit attributable to the parent company of 887 million yuan, a year-on-year increase of 26.64% [3] - Revenue for 2024Q2 was 3.509 billion yuan, a year-on-year increase of 12.05%, and net profit attributable to the parent company was 524 million yuan, a year-on-year increase of 8.66% [3] - Forecasted net profit attributable to the parent company for 2024-2026 is 2.029 billion yuan, 2.494 billion yuan, and 2.946 billion yuan, respectively, with EPS of 2.62 yuan, 3.22 yuan, and 3.81 yuan [3] Product Performance - Switch-related products achieved revenue of 2.886 billion yuan in 2024H1, a year-on-year increase of 9.78%, with a gross profit margin of 35.22%, up 3.76 percentage points [2] - Coil-related products achieved revenue of 1.674 billion yuan, a year-on-year increase of 50.48%, with a gross profit margin of 33.68%, up 0.70 percentage points [2] - Reactive power compensation-related products achieved revenue of 697 million yuan, a year-on-year decrease of 9.10%, with a gross profit margin of 24.71%, up 2.65 percentage points [2] - Smart equipment-related products achieved revenue of 470 million yuan, a year-on-year increase of 35.25%, with a gross profit margin of 31.62%, up 1.23 percentage points [2] - Engineering contracting achieved revenue of 372 million yuan, a year-on-year increase of 25.17%, with a gross profit margin of 11.27%, up 0.06 percentage points [2] Overseas Market - Overseas revenue in 2024H1 was 1.515 billion yuan, a year-on-year increase of 40.04%, with a gross profit margin of 33.82%, up 1.52 percentage points [2] - The company is actively responding to global demand changes, focusing on equipment upgrades in Europe and North America, and infrastructure construction in Southeast Asia, the Middle East, and Africa [2] Valuation Metrics - Current P/E ratios for 2024-2026 are 25x, 21x, and 17x, respectively [3] - P/B ratios for 2024-2026 are 4.2x, 3.6x, and 3.1x, respectively [4] - ROE (attributable to parent company) for 2024-2026 is forecasted to be 16.76%, 17.60%, and 17.75%, respectively [4] Historical Performance - Revenue growth rates from 2022 to 2026E are 21.18%, 18.25%, 20.53%, 17.54%, and 15.30%, respectively [4] - Net profit growth rates from 2022 to 2026E are 1.90%, 27.76%, 30.14%, 22.93%, and 18.11%, respectively [4]