出口进展顺利，对外合作有序。1）7 月底公司与东华科技签署战略合作协议，联合开发市场。东华科技主要开展咨询设计、以设计为主体的工程总承包业务，2022 年总营收为62.34 亿元人民币，其中工程总承包收入占比94.54%。根据协议约定，双方就合作项目，适时进行梳理、总结，针对核心关键设备进行优化、提升。2）2023 年上半年公司海外营收同比增速超过90%，我们预计公司未来海外营收占比持续提升。The current situation of the company
Recently, we have organized the latest communication of the company, which is as follows.
Comment
Exports are progressing smoothly and foreign cooperation is orderly. 1) at the end of July, the company signed a strategic cooperation agreement with Donghua Technology to jointly develop the market. Donghua Science and Technology mainly carries out consulting and design-oriented project general contracting business, with total revenue of 6.234 billion yuan in 2022, of which project general contracting income accounts for 94.54%. According to the agreement, the two sides will timely sort out and summarize the cooperation projects, optimize and upgrade the core key equipment. 2) the company's overseas revenue grew by more than 90% in the first half of 2023 compared with the same period last year, and we expect the company's overseas revenue share to continue to increase in the future.
Promote the manufacture of high-end materials and shape the core competitiveness. High-end materials include titanium alloy and other alloy materials. 1) in terms of urea equipment, according to the company, the cost of a single equipment is about 100-200 million yuan, and the annual demand in the domestic market is about 10 sets. 2) in the field of gas chemical industry, the company provided gasifier for Kunlun Company in the second quarter, while manufacturing formaldehyde activated carbon, formaldehyde synthesis catalyst and other products, the equipment cost ranges from tens of millions of yuan to hundreds of millions of yuan. We believe that in the future, the company is expected to increase its market share in the fields of coal chemical industry and advanced materials.
In August 2023, the company won the bid for the green ammonia demonstration project of the Energy Research Institute. The company signed an agreement with the Energy Research Institute of Hefei Comprehensive National Science Center to develop related core devices around the green ammonia project. Hefei Comprehensive National Science Center is the basic platform of the national innovation system. The green ammonia project mainly solves the technical bottleneck of hydrogen as a carrier in large-scale application. We believe that the company's advance research and layout of new energy technologies such as green ammonia is expected to be successfully transformed into a revenue support point in the new energy field such as hydrogen energy in the future, creating the second growth curve of clean energy equipment.
Profit forecast and valuation
Taking into account the strong growth rate of the company's newly signed orders and the commissioning of the fixed increase project Q3 this year, we raised the 24-year net profit of 2023 Lexi by 4.9% to 8.8% (YoY + 44.9%) / 240 million yuan (YoY + 39.1%). The current stock price corresponds to the 21x15x of the 2023Universe 24-year Pax E, and we raise the target price by 4.1% to 16.93 yuan, corresponding to the 2023Universe 2024 Phammer E 26max 19 times, corresponding to an increase of 28.2%, maintaining an outperforming industry rating.
Risk
Raw material price fluctuation risk, high-end equipment fundraising project progress is not as expected, nuclear power bidding progress is not as expected, and so on.