DORIGHT(300950) 华创证券·2024-10-23 23:37Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 20.6 CNY, based on a current price of 17.22 CNY, reflecting a 24x PE for 2024 [1][7]. Core Insights - The report highlights the company as an "invisible leader" in the carbon black equipment manufacturing industry, benefiting from the growth in carbon black demand and increased capital expenditures from carbon black manufacturers [1][5]. - The carbon black industry is experiencing steady growth in production and consumption, with manufacturers' profitability showing an upward trend [1][29]. - The company is transitioning from being an "equipment supplier" to a "comprehensive solution provider," focusing on energy conservation and environmental protection [1][6]. Summary by Sections Company Overview - The company, established in 2004, specializes in energy-saving and environmentally friendly equipment, with a comprehensive product line that includes heat exchange equipment and customized solutions [1][13]. - The company has seen significant revenue growth, achieving 421 million CNY in revenue in the first three quarters of 2024, a year-on-year increase of 84.01%, and a net profit of 98 million CNY, up 160.15% [1][20]. Carbon Black Industry - The carbon black industry is characterized by stable growth in production and consumption, driven by the recovery of the automotive industry and strong demand from tire manufacturers [1][29]. - In July 2024, domestic carbon black consumption reached 437,300 tons, marking a year-on-year increase of 12.08% and a month-on-month increase of 10.41% [1][29]. Equipment Market - The global carbon black production equipment market is projected to grow significantly, with estimates of 5.3 billion CNY in 2024, 6.8 billion CNY in 2025, and 9.0 billion CNY in 2026, reflecting a CAGR of 30.52% [1][7]. - The company is well-positioned to capitalize on the increasing demand for high-quality carbon black products and the need for manufacturers to upgrade their production lines [1][39]. Financial Projections - Revenue projections for the company are 547 million CNY in 2024, 672 million CNY in 2025, and 855 million CNY in 2026, with net profits expected to be 129 million CNY, 161 million CNY, and 201 million CNY respectively [2][7]. - The company's earnings per share (EPS) are forecasted to be 0.86 CNY in 2024, 1.07 CNY in 2025, and 1.34 CNY in 2026 [2][7].