儒竞科技：自动化领域持续布局，热泵业务有望触底回升

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's revenue for H1 2024 was 658 million yuan, a year-on-year decrease of 16%, with a net profit attributable to the parent company of 94 million yuan, down 19% [3] - The HVAC and refrigeration equipment revenue decreased by 32.13% in H1 2024, but the heat pump export is expected to gradually recover, leading to a potential rebound in revenue [3] - The new energy vehicle thermal management business saw a significant growth of 68.50% year-on-year, indicating strong demand and potential for future growth [3] - The company is increasing its investment in emerging sectors such as automation and robotics, with R&D expenses rising by 37.27% in H1 2024 [3] - Profit forecasts for 2024-2026 are 240 million, 370 million, and 450 million yuan respectively, with expected growth rates of 13%, 50%, and 23% [3] - The company's market capitalization corresponds to a PE ratio of 18 and 12 times for 2024 and 2025 respectively, maintaining a "Buy" rating [3] Financial Summary - Total revenue for 2022 was 1,614 million yuan, with a growth of 25.1%, while 2023 revenue is projected at 1,545 million yuan, a decrease of 4.3% [4] - The net profit attributable to the parent company for 2022 was 211 million yuan, with a year-on-year increase of 58.0%, and is expected to reach 216 million yuan in 2023, a growth of 2.4% [4] - The gross margin for 2024 is projected to be 24.0%, with a return on equity (ROE) of 7.5% [4] - The earnings per share (EPS) for 2024 is estimated at 2.59 yuan, with a PE ratio of 18.28 [4]