咸亨国际：24年净利预增86%~148%，新领域拓展成效显著

Investment Rating - The investment rating for the company is "Accumulate-A" [1][8] Core Views - The company is expected to achieve a significant improvement in net profit for 2024, with projections ranging from 180 million to 240 million yuan, representing a year-on-year increase of 86.25% to 148.34% [3][4] - The growth in profit is primarily attributed to successful expansion into new sectors, leading to substantial revenue growth [4] - The company has been actively pursuing opportunities in strategic industries such as oil and gas, power generation, and has seen positive results from these efforts [4][5] - The MRO (Maintenance, Repair, and Operations) market in China is transitioning from traditional procurement to centralized procurement, which presents growth opportunities for the company [7] Summary by Sections Market Performance - The company reported a basic earnings per share (EPS) of 0.24 yuan for 2024, with a net asset return rate of 6.30% [2] - The company's stock closed at 13.53 yuan, with a market capitalization of 55.52 billion yuan [2] Financial Forecast - Revenue is projected to grow from 2.93 billion yuan in 2023 to 3.48 billion yuan in 2024, reflecting a year-on-year growth of 18.7% [10] - Net profit is expected to rebound significantly in 2024, with estimates of 203 million yuan, a 110.1% increase from 2023 [10] - The gross profit margin is forecasted to decline slightly to 29.5% in 2024, while the net profit margin is expected to improve to 5.8% [10] Industry Outlook - The investment in the power grid is expected to accelerate, with the total investment projected to exceed 600 billion yuan in 2024, marking a historical high [5] - The global digital multimeter market is anticipated to grow from 847 million USD in 2019 to 1.047 billion USD by 2024, indicating a favorable market environment for the company's products [5] Strategic Initiatives - The company is focusing on enhancing its operational efficiency and profitability through various measures, including digital investments and channel development [4][7] - The management is committed to improving the quality and efficiency of operations, which has led to a decrease in expense ratios and an increase in revenue per employee [4]