核电订单接近翻倍，行业高景气度提振长期发展上半年公司订单增势显著，上半年新增订单12.08 亿元，同比增长20.8%，其中神通核能订单5.04 亿元，同比增长92.37%。公司为核电阀门龙头公司，实现核级蝶阀、球阀全面国产化，并且产品类型逐步拓宽，从2024H1 分产品收入情况来看，蝶阀、球阀上半年营收分别为+19.45%、-7.45%。8 月19 日国常会新核准11 台核电机组，其中包括10 台三代机组，1 台四代机组，2022 年至今核电核准规模处于高位，随着机组陆续开工，核电相关订单有望持续释放，提升行业长期发展空间。Incidents:
On August 19, the company released its 2024 semi-annual report. 2024H1 achieved operating income of 1.052 billion yuan, +5.28% year over year, realized net profit of 0.144 billion yuan, +14.53% year over year, and 2024Q2 achieved revenue of 0.482 billion yuan, -4.11% year over year, and realized net profit to mother of 0.06 billion yuan, +21.23% year over year. The performance was in line with expectations.
The performance of metallurgy and energy saving services was high. Net profit margin increased by industry revenue growth rate in the first half of the year. 2024H1 metallurgy industry, nuclear power industry, energy industry, and energy saving service industry changed year-on-year to +31.91%, +1.08%, -34.14%, and +117.53%, respectively. The year-on-year changes in gross margin were -5.42pct, -3.96pct, +2.05pct, and +0.64pct, respectively. Overall, the company's 2024H1 gross profit margin and net margin were 31.58% and 13.62% respectively, with year-on-year increases of 1.1 pct and 1.1 pct respectively, mainly due to increased revenue from high-margin products, energy-saving services, and metallurgical industries. Revenue in the metallurgical valve sector has increased or order strategies have been adjusted for the company to guarantee the scale of revenue, but the metallurgical industry is low or low price orders are putting pressure on gross margins. Changes in gross margin in the nuclear power industry are mainly due to differences in the pace of order delivery.
Nuclear power orders nearly doubled, and the boom in the industry boosted long-term development, and company orders increased significantly in the first half of the year. In the first half of the year, orders were added by 1.208 billion yuan, an increase of 20.8% over the previous year. Among them, Shentong Nuclear Energy orders were 0.504 billion yuan, an increase of 92.37% over the previous year. The company is a leading nuclear power valve company. It has achieved full localization of nuclear grade butterfly valves and ball valves, and the product types have gradually expanded. Judging from the 2024H1 product revenue situation, the revenue of butterfly valves and ball valves in the first half of the year was +19.45% and -7.45%, respectively. On August 19, the National Standing Committee approved 11 new nuclear power units, including 10 third-generation units and 1 fourth-generation unit. Since 2022, the nuclear power approval scale has been high. As the units start one after another, it is expected that orders related to nuclear power will continue to be released, increasing the room for long-term development of the industry.
Profit forecasting and investment advice
We expect the company's 2024-2026 revenue to be 2.659/3.098/3.38 billion yuan, respectively, +24.67%/+16.48%/+9.13%; net profit to mother is 0.328/0.403/0.468 billion yuan, respectively, with year-on-year growth rates of +21.83%/+22.96%/+16.21%, respectively, a 3-year CAGR of 20.3%, and EPS 0.65/0.79/0.92 yuan/share, respectively, corresponding to PE It is 16.3/13.3/11.4 times. In view of the boom in the nuclear power industry, the company continues to increase production capacity, and on the other hand, it continues to expand product categories such as nuclear power and military products, maintaining a “buy” rating.
Risk warning: Nuclear power construction falls short of expectations, industry competition intensifies, and the expansion of new fields falls short of expectations.
