2024Q1 业绩符合预期，预计全年将实现稳健增长。2024Q1 公司实现营收16.35亿元，同比+4.46%，归母净利1.22 亿元，同比+13.78%；扣非归母净利0.94亿元，同比-3.69%，业绩符合预期。报告期内，公司各个板块齐头并进，制冷主业订货稳步增长，子公司海外订单、工业气体压缩/液化装备、精细化工制冷工艺段等取得突破。其中，子公司山东深蓝机器股份有限公司、烟台冰轮换热技术有限公司、顿汉布仕(中国)工业有限公司获评国家级“专精特新”小巨人企业称号。Incidents:
The company announced results for the first quarter of 2024. In the first quarter of 2024, the company achieved revenue of 1,635 billion yuan, +4.46% year on year, net profit to mother of 122 million yuan, +13.78% year on year; net profit after deducting non-return to mother was 94 million yuan, -3.69% year over year. The results were in line with expectations.
Key points of investment:
2024Q1 performance is in line with expectations and is expected to achieve steady growth throughout the year. 2024Q1 achieved revenue of 1,635 billion yuan, +4.46% year over year, net profit to mother of 122 million yuan, +13.78% year over year; net profit withheld from non-return mother was 94 million yuan, -3.69% year over year. The performance was in line with expectations. During the reporting period, the company's various sectors went hand in hand. Orders from the main refrigeration industry grew steadily, and breakthroughs were achieved in overseas orders from subsidiaries, industrial gas compression/liquefaction equipment, and fine chemical refrigeration processes. Among them, the subsidiaries Shandong Shenlan Machinery Co., Ltd., Yantai Ice Wheel Heat Transfer Technology Co., Ltd., and Dunham Busch (China) Industrial Co., Ltd. were awarded the title of a national “specialized, special and new” little giant enterprise.
“Manufacturing+digital intelligence technology” The two-wheel drive manufacturing industry was upgraded and transformed into a low-carbon energy industry. During the reporting period, the company focused on fields such as low-carbon energy utilization, industrial thermal management, and hydrogen energy equipment to accelerate breakthroughs in the transformation of the low-carbon energy industry. Make full use of the advantages of energy and power engineering technology system integration to accelerate the development and industrialization of key technologies and equipment for low-carbon energy systems. By integrating process+automation+digitalization, the company forms core intelligent control technology advantages, and creates a first-class digital intelligence service system in the professional segments of intelligent manufacturing, smart logistics, and energy efficiency.
In 2024, the company will implement the “two increases, one reduction, three improvements” business policy to ensure that the company achieves high-quality development.
Looking ahead to 2024, the company takes “two increases, one reduction, three improvements” as its business policy. Two increases: the growth rate of operating income and actual profit is higher than the growth rate of the national economy; one reduction: reducing the cost rate; and three improvements: increasing investment in R&D, increasing the share of new products and strategic emerging industries, and improving the quality of operations. Furthermore, using “refresh the system and restart growth” as the business strategy, the business strategy is to consolidate the new, refresh the system, and restructure an excellent growth system with leading innovation and modern governance; upgrade inventory, accelerate incrementally, and restart a high-quality growth engine with leading products and excellent efficiency.
Profit forecast and investment rating: The company's business continues to develop steadily, and multiple businesses are expected to benefit from internal circulation and dual carbon strategies. We maintain the profit forecast from 2024 to 2025, and add a profit forecast for 2026. The company's net profit for 2024-2026 is estimated to be $8.80, 11.08, and 1,340 billion yuan. Currently, the stock price is 10, 8, and 6 times PE corresponding to 24-26, maintaining a “buy” rating.
Risk warning: The macroeconomic economy is declining, domestic orders are falling short of expectations, and the dual carbon target is progressing slowly.
