AsAc(601890) 浙商证券·2024-08-27 02:03Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company's mid-year performance slightly exceeded expectations, with a 26% year-on-year increase in net profit attributable to shareholders for the first half of 2024, and a 40% increase in Q2 2024 [2] - The company is positioned as a global leader in anchor chains, benefiting from an upward cycle in the shipbuilding and offshore oil service industries, as well as expansion into floating offshore wind power [2][5] - The company has a strong order backlog of 1.089 billion yuan, indicating robust demand across its product lines [2] Summary by Sections Financial Performance - For H1 2024, the company achieved operating revenue of 936 million yuan, a decrease of 7.55% year-on-year, while net profit attributable to shareholders was 139 million yuan, an increase of 26.52% [2] - In Q2 2024, the company reported operating revenue of 487 million yuan, a year-on-year decrease of 7.00%, but a quarter-on-quarter increase of 8.42% [2] - The gross profit margin for H1 2024 was approximately 27.4%, up 0.92 percentage points year-on-year, while the net profit margin was 15.13%, an increase of 4.00 percentage points [2] Market Position and Growth Drivers - The shipbuilding industry is experiencing a boom due to a replacement cycle and environmental regulations, leading to increased orders [2] - The offshore oil and gas sector is recovering, with higher capital expenditures expected, which will benefit the company [2] - The company has secured multiple contracts in the floating offshore wind power sector, positioning it well for future growth [2] Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are 279 million, 360 million, and 467 million yuan, representing year-on-year growth rates of 18%, 29%, and 30% respectively [5] - The corresponding price-to-earnings ratios are projected to be 23, 18, and 14 times for the same period [5]