Kewell(688551) 海通证券·2024-09-03 01:14Investment Rating - The investment rating for the company is "Outperform the Market" [1][6] Core Views - The company achieved a revenue of 254 million yuan in the first half of 2024, representing a year-on-year growth of 15.54%, while the net profit attributable to the parent company was 42 million yuan, down 16.57% year-on-year [5] - The company is focusing on strategic stability to address external uncertainties, enhancing technological innovation, and improving operational efficiency [5] - The small power distribution channel has been established, and the company is actively exploring hydrogen energy development opportunities both domestically and internationally [5] Revenue and Profit Analysis - In Q2 2024, the company reported a revenue of 143 million yuan, a year-on-year increase of 16.46%, with a net profit of 24 million yuan, down 16.20% year-on-year [5] - The testing power segment generated a revenue of 199 million yuan in H1 2024, with a gross margin of 50.74% [5] - The hydrogen energy testing equipment segment achieved a revenue of 46 million yuan in H1 2024, with a gross margin of 49.24% [5] Financial Forecast - The projected net profits for 2024, 2025, and 2026 are 128 million yuan, 177 million yuan, and 235 million yuan, respectively, indicating year-on-year growth rates of 8.9%, 39.2%, and 32.6% [6][9] - The expected revenue for 2024 is 671 million yuan, with a year-on-year growth of 26.9% [9] Valuation - The company is assigned a PE valuation of 24-26 times for 2024, corresponding to a reasonable value range of 36.42-39.46 yuan per share [6]