NARI-TECH(600406) 民生证券·2024-09-02 09:08Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company achieved a revenue of 20.114 billion, a year-on-year increase of 10.21%, and a net profit attributable to shareholders of 2.709 billion, up 8.4% year-on-year in the first half of 2024 [1]. - The company has made significant breakthroughs in both domestic and international markets, securing major contracts worth 28.7 billion, a year-on-year growth of 10.7% [2]. - The company continues to invest in research and development, with R&D expenditure reaching 1.244 billion, an increase of 14.79% year-on-year, leading to industry-leading core products [2]. Financial Performance Summary - For the first half of 2024, the gross profit margin was 29.03%, an increase of 0.46 percentage points year-on-year, while the net profit margin was 14.27%, a decrease of 0.25 percentage points year-on-year [1]. - The company’s revenue projections for 2024-2026 are 56.820 billion, 63.054 billion, and 70.491 billion respectively, with growth rates of 10.2%, 11.0%, and 11.8% [3]. - The net profit attributable to shareholders is projected to be 8.064 billion, 9.062 billion, and 10.106 billion for 2024-2026, with growth rates of 12.3%, 12.4%, and 11.5% respectively [3].