SIFANG(601126) 光大证券·2024-09-04 03:41Investment Rating - Buy (Maintained) [1][2] Core Views - The company's 24H1 performance met expectations, with revenue reaching 3.477 billion yuan, a year-on-year increase of 21.18%, and net profit attributable to the parent company of 424 million yuan, a year-on-year increase of 19.24% [1] - The company continues to expand its market share in grid automation and power plant & industrial automation, with grid automation revenue reaching 1.689 billion yuan, a year-on-year increase of 11.58%, and power plant & industrial automation revenue reaching 1.526 billion yuan, a year-on-year increase of 24.89% [1] - The company has made significant breakthroughs in the new energy and energy storage markets, securing multiple projects in wind and solar power, as well as energy storage systems, which are expected to drive medium to long-term growth [2] Financial Performance - Revenue for 24H1 was 3.477 billion yuan, with a net profit attributable to the parent company of 424 million yuan [1] - Q2 revenue was 1.932 billion yuan, a year-on-year increase of 14.20%, with a net profit attributable to the parent company of 243 million yuan, a year-on-year increase of 13.71% and a quarter-on-quarter increase of 33.96% [1] - The company's EPS for 24-26 is forecasted to be 0.89/1.04/1.20 yuan, with a PE ratio of 19/16/14 times for the same period [2] Market Expansion - The company has secured multiple projects in grid automation, including the 500kV transmission and transformation project in Inner Mongolia and the 1000kV ultra-high voltage project in North China [1] - In the new energy sector, the company has won bids for several wind and solar power projects, including the Guangdong Datang Lemen offshore wind power expansion project and the Tianjin Jinghai Zhongwang 2GW photovoltaic project [2] - The company has also made progress in energy storage, with projects such as the 100MWh independent energy storage station at the Blue Sky Power Plant and the 44MW/40MWh thermal storage joint frequency modulation station at the Ninghai Power Plant [2] Financial Projections - The company's revenue is expected to grow from 5.078 billion yuan in 2022 to 8.658 billion yuan in 2026, with a CAGR of 13.09% [3] - Net profit attributable to the parent company is projected to increase from 543 million yuan in 2022 to 1.002 billion yuan in 2026, with a CAGR of 15.27% [3] - ROE (diluted) is expected to rise from 13.43% in 2022 to 19.82% in 2026 [3] Valuation Metrics - The company's current PE ratio is 19 times for 2024, 16 times for 2025, and 14 times for 2026 [2] - The PB ratio is 3.3 times for 2022 and 2023, decreasing to 2.7 times by 2026 [3] - The EV/EBITDA ratio is expected to decline from 18.4 times in 2022 to 9.8 times in 2026 [6]