Jushri Technologies(300762) 华创证券·2024-09-11 10:03Investment Rating - The investment rating for Shanghai HanXun (300762) has been downgraded to "Recommend" due to lower-than-expected demand from downstream customers [1] Core Views - Shanghai HanXun's revenue and net profit were under pressure in H1 2024 due to industry fluctuations, with revenue declining by 27.56% YoY to RMB 106 million and net profit dropping by 252.81% YoY to a loss of RMB 52 million [1] - The company's gross margin improved by 18.77% YoY to 68.33% in H1 2024, driven by a significant order from Yuanxin worth RMB 51.13 million, accounting for 48.14% of total revenue [1] - In Q2 2024, revenue fell by 45.08% YoY and 43.96% QoQ to RMB 38 million, while net profit decreased by 549.01% YoY and 318.58% QoQ to a loss of RMB 42 million [1] - The company has made progress in multiple product areas, including vehicle-mounted terminals, 5G base stations, and satellite communication projects, which are expected to drive future growth [1] - Shanghai HanXun has completed the conversion of achievements in tactical communication, 5G communication, data link, and satellite communication fields, with several projects entering small-scale production or trial use [1] Financial Forecast - Revenue is expected to grow from RMB 437 million in 2024 to RMB 1.504 billion in 2026, with a CAGR of 85.5% [1][2] - Net profit is projected to increase from RMB 43 million in 2024 to RMB 375 million in 2026, with a CAGR of 196.5% [1][2] - EPS is forecasted to rise from RMB 0.07 in 2024 to RMB 0.60 in 2026 [1][2] - The company's gross margin is expected to improve from 52.5% in 2024 to 58.0% in 2026, while net margin is projected to increase from 9.8% to 24.9% over the same period [2] Industry and Market Performance - Shanghai HanXun operates in the military industry sector, with a current stock price of RMB 13.34 as of September 11, 2024 [4] - The company's market capitalization is RMB 8.377 billion, with a total of 627.97 million shares outstanding [4] - Over the past 12 months, the stock has underperformed the CSI 300 index, with a decline of 53% compared to the index's 27% drop [5]