JJHB(603279) 中邮证券·2024-09-05 00:39Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company reported a revenue of 3.127 billion yuan for the first half of 2024, reflecting a year-on-year increase of 2.34%. However, the net profit attributable to shareholders decreased by 4.28% to 459 million yuan due to price reductions on some products and a decline in gross margin [2]. - The company is experiencing stable revenue growth, with significant improvements in cash flow and an increased dividend payout ratio, resulting in a dividend yield exceeding 6% based on the latest market capitalization [2]. - The company aims to become a leading manufacturer of complete filtration equipment by expanding its product range and enhancing its market presence both domestically and internationally [2]. Financial Summary - For 2024, the company is projected to achieve revenues of 6.424 billion yuan, with a growth rate of 2.79%. The net profit is expected to be 960 million yuan, reflecting a decline of 4.78% [3][5]. - The company's earnings per share (EPS) for 2024 is estimated at 1.67 yuan, with a price-to-earnings (P/E) ratio of 10.33 [3][5]. - The gross margin is projected to decrease to 29.3% in 2024, while the net profit margin is expected to be 14.9% [5].