JJHB(603279) 国海证券·2024-08-27 14:38Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 27, 2024 [2][8]. Core Insights - The company's revenue for H1 2024 reached 3.13 billion yuan, a year-on-year increase of 2.3%, while the net profit attributable to shareholders was 460 million yuan, down 4.3% year-on-year. In Q2 2024, revenue was 1.62 billion yuan, up 2.0% year-on-year, with a net profit of 230 million yuan, down 13.2% year-on-year [3][4]. - The main revenue growth in H1 2024 came from the mineral processing, environmental protection, and biopharmaceutical sectors, with respective revenues of 910 million, 820 million, and 750 million yuan, showing year-on-year growth of 7.3%, 15.1%, and a decline of 8.2% [4]. - The company's gross margin in Q2 2024 was 28.9%, a decrease of 5.7 percentage points year-on-year, primarily due to product price reductions and a high base from Q2 2023 [4]. - Operating cash flow significantly improved, with Q2 2024 operating cash flow reaching 188 million yuan, a 453% increase from 34 million yuan in Q2 2023, driven by increased cash receipts from sales and reduced cash payments for raw materials [4]. Financial Summary - The company is projected to achieve revenues of 6.65 billion, 7.09 billion, and 7.68 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.04 billion, 1.13 billion, and 1.22 billion yuan, corresponding to P/E ratios of 9, 8, and 8 times [4][6]. - The company's total market capitalization is approximately 9.52 billion yuan, with a circulating market capitalization of about 9.44 billion yuan [4]. - The stock price as of August 27, 2024, is 16.51 yuan, with a 52-week price range of 16.00 to 28.60 yuan [4].