Shanghai Friendess(SH:688188) Soochow Securities·2024-08-20 20:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 884 million yuan in H1 2024, representing a year-on-year growth of 33.65%, with Q2 revenue at 503 million yuan, up 29.01% year-on-year, indicating strong growth despite a downturn in the general manufacturing sector [3] - The net profit attributable to the parent company for Q2 2024 was 298 million yuan, a year-on-year increase of 29%, which exceeded market expectations [3] - The company is benefiting from the sustained demand for high-power laser cutting systems and the rapid expansion of intelligent cutting heads, which are expected to continue driving revenue growth [3] - The company has launched a restricted stock incentive plan, reflecting confidence in long-term growth and profit assurance [4] - The net profit forecast for 2024-2026 has been adjusted downwards due to lower general manufacturing sector conditions, with the current market capitalization corresponding to P/E ratios of 33, 25, and 19 times for 2024, 2025, and 2026 respectively [4] Financial Summary - Total revenue forecast for 2024 is 1,857.35 million yuan, with a year-on-year growth of 32% [2] - Net profit attributable to the parent company for 2024 is projected at 975.80 million yuan, reflecting a year-on-year increase of 33.87% [2] - The latest diluted EPS is expected to be 4.75 yuan per share in 2024, with a P/E ratio of 33.06 [2] - The sales gross margin for H1 2024 was 81.28%, an increase of 0.92 percentage points year-on-year, indicating improved profitability [3] - The company’s total assets are projected to reach 6,279 million yuan by 2024, with total liabilities at 339 million yuan [9]