WEIMING(603568) 东方证券·2024-08-22 00:41Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 25.28 CNY based on a 16x PE valuation for 2024 [2][4]. Core Insights - The company reported a revenue of 4.11 billion CNY for the first half of 2024, representing a year-on-year increase of 42.2%, and a net profit attributable to shareholders of 1.42 billion CNY, up 38.7% year-on-year [1]. - New projects have been launched, with stable growth in environmental projects. The Changli waste incineration project commenced operations, and four other waste incineration projects are in trial operation, bringing the total operational projects to 53, with a daily processing capacity of approximately 36,000 tons [1]. - The new materials equipment revenue has significantly contributed to the company's performance, with a 74.5% year-on-year increase in revenue from equipment manufacturing and services, reaching 2.49 billion CNY in the first half of 2024 [1]. - The company is progressing well in its new energy materials projects, establishing an integrated battery materials supply chain with significant partnerships and resource control [1]. Financial Summary - The company expects net profits for 2024-2026 to be 2.685 billion CNY, 3.508 billion CNY, and 4.220 billion CNY respectively, with corresponding earnings per share of 1.58 CNY, 2.06 CNY, and 2.48 CNY [2]. - The projected revenue for 2024 is 9.182 billion CNY, reflecting a growth rate of 52.4% compared to 2023 [3]. - The gross margin is expected to be 43.0% in 2024, with a net margin of 29.2% [3].