JJHB(603279) 浙商证券·2024-09-29 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a stable revenue growth with a slight increase in cost control capabilities. In the first half of 2024, the company achieved an operating income of 3.127 billion yuan, a year-on-year increase of 2.34%, and a net profit attributable to shareholders of 459 million yuan, a year-on-year decrease of 4.28% [2][3] - The revenue share from the mineral processing and environmental protection sectors has increased, while the share from the new energy sector has decreased [2] - The company has improved its cost control, with sales, management, and R&D expense ratios decreasing [3] Summary by Sections Financial Performance - In the first half of 2024, the revenue breakdown is as follows: 1) Mineral processing revenue: 907 million yuan, accounting for 29.02%, up 2.40 percentage points from 2023 2) Environmental protection revenue: 819 million yuan, accounting for 26.18%, up 0.42 percentage points from 2023 3) New energy revenue: 702 million yuan, accounting for 22.46%, down 2.17 percentage points from 2023 4) Chemical revenue: 248 million yuan, accounting for 7.92%, down 1.88 percentage points from 2023 5) Aggregate revenue: 203 million yuan, accounting for 6.48%, up 0.19 percentage points from 2023 6) Bio-food revenue: 156 million yuan, accounting for 5.00%, up 1.11 percentage points from 2023 7) New materials revenue: 50 million yuan, accounting for 1.59%, down 0.34 percentage points from 2023 8) Pharmaceutical and health products revenue: 43 million yuan, accounting for 1.36%, up 0.28 percentage points from 2023 [2] Cost Control and Financial Structure - The company has enhanced its cost control capabilities, with sales, management, and R&D expense ratios at 4.49%, 2.60%, and 2.39%, respectively, down 0.35, 0.35, and 0.78 percentage points year-on-year. The company maintains a healthy financial structure with a debt ratio of 2.34% and financial expenses of -21 million yuan [3] Market Outlook and Profit Forecast - The company is expected to see growth in the filter plate market, with an increase in market share. The first phase of the complete equipment project was partially put into production in 2023, and the second phase is expected to be operational by 2026. The company is projected to achieve net profits of 1.04 billion, 1.17 billion, and 1.31 billion yuan for 2024, 2025, and 2026, respectively, with corresponding earnings per share of 1.80, 2.03, and 2.27 yuan. The current stock price corresponds to P/E ratios of 10.57, 9.36, and 8.35 times for the respective years [3][6]