Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][2]. Core Insights - The company reported a revenue of 280 million yuan for H1 2024, representing a year-on-year increase of 16.3%, and a net profit attributable to shareholders of 27.1 million yuan, up 26.2% year-on-year [1]. - The company has a strong order backlog of 190 million yuan as of June 30, 2024, reflecting a year-on-year growth of 19.3%, suggesting robust growth potential in the upcoming peak season [1][2]. - The establishment of a wholly-owned subsidiary targeting the cultural and creative product market is expected to enhance the company's creative packaging capabilities and expand its service offerings [1][2]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 280 million yuan, with a net profit of 27.1 million yuan, and a non-recurring net profit of 23.9 million yuan, showing increases of 16.3%, 26.2%, and 25.4% respectively [1]. - The company’s domestic and international sales for H1 2024 were 185.7 million yuan and 89.3 million yuan, reflecting year-on-year growth of 23.0% and 4.3% respectively [1]. - The revenue forecast for 2024-2026 is projected to grow from 632.8 million yuan in 2024 to 982.35 million yuan in 2026, with a compound annual growth rate (CAGR) of 26.6% [3][6]. Profitability and Valuation Metrics - The forecasted net profit for 2024-2026 is expected to be 55.9 million yuan, 70.9 million yuan, and 93.4 million yuan respectively, with corresponding price-to-earnings (PE) ratios of 13, 10, and 8 [2][3]. - The company's return on equity (ROE) is projected to improve from 12.73% in 2024 to 17.43% in 2026, indicating enhanced profitability [3][6].
柏星龙：2024年中报点评：在手订单yoy+19%，看好下半年旺季成长