华荣股份：防爆电器龙头企业，外贸业务快速增长

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][4]. Core Insights - The company, Huaron Co., Ltd. (603855), is a leading enterprise in explosion-proof electrical equipment, experiencing rapid growth in its foreign trade business. The company reported a revenue of 1.401 billion yuan for H1 2024, a year-on-year increase of 6.39%, and a net profit attributable to shareholders of 200 million yuan, up 2.57% year-on-year [3][4]. - The explosion-proof business is seeing significant growth in foreign trade, with revenue from this segment reaching 417 million yuan, a 29.08% increase year-on-year, driven by large orders from projects like the Qatar natural gas initiative. However, the professional lighting segment faced challenges, with a revenue decline of 17.94% to 95 million yuan due to decreased downstream demand and intensified competition [3][4]. - The company has expanded its new energy EPC business, achieving a remarkable revenue growth of 6481% to 127 million yuan, although project commencement was limited in the first half of 2024 due to low temperatures. The company anticipates concentrated project deliveries in the second half of 2024 [3][4]. - The company is also leveraging its advantages in safety and intelligent systems, with a focus on hazardous chemical parks, and has completed several benchmark projects, enhancing its recognition beyond the explosion-proof sector [3][4]. - The international market is expected to grow, with the company establishing overseas operational centers and joint ventures, particularly in the Middle East and Asia-Pacific regions, aiming for significant revenue contributions starting in 2025 [3][4]. Financial Summary - The company forecasts revenues of 3.771 billion yuan, 4.179 billion yuan, and 4.634 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17.97%, 10.79%, and 10.91% [4][5]. - The projected net profit attributable to shareholders for the same period is expected to be 512 million yuan, 599 million yuan, and 700 million yuan, with growth rates of 10.98%, 17.00%, and 16.94% [4][5]. - The company's PE ratios for 2024, 2025, and 2026 are projected to be 11.06, 9.46, and 8.09, respectively, indicating a favorable valuation trend [4][5].