维持“增持” 评级。考虑到公司开展制氢项目，且订单同比增加，我们维持公司2024 年、上调2025-2026 年归母净利润预测分别为1.40/2.19/2.35 亿元（原1.40/1.77/2.02 亿元），对应EPS 分别为1.14/1.78/1.91 元（原1.14/1.44/1.64 元）。选取雪迪龙、德固特作为可比公司，可比公司2025 年PE 均值16 倍。由于可比公司与公司均向工业企业提供配套设备，且公司拓展制氢项目，给予公司2025年17 倍PE，维持目标价29.48 元，维持“增持”评级。Introduction to this report:
The year-on-year increase in the company's orders led to a 64% year-on-year increase in net profit for the first three quarters of 24 years. The construction of the photovoltaic hydrogen production project is about to be delivered, and the company's revenue is expected to continue to grow steadily.
Key points of investment:
Maintain an “Overweight” rating. Considering the company's hydrogen production project and the year-on-year increase in orders, we maintained the company's net profit forecasts for 2024 and raised 2025-2026 at 0.14/0.219/0.235 billion yuan (previously 0.14/0.177/0.202 billion yuan), respectively, and the corresponding EPS was 1.14/1.78/1.91 yuan (originally 1.14/1.44/1.64 yuan), respectively. When Cedron and Degut were selected as comparable companies, the average PE value of the company in 2025 was 16 times higher. Since comparable companies and companies both provide supporting equipment to industrial enterprises, and the company expanded hydrogen production projects, the company was given 17 times PE in 2025, maintained a target price of 29.48 yuan, and maintained a “gain” rating.
Net profit for the first three quarters of 2024 increased 64% year over year, and the results were in line with expectations. In the first three quarters of 2024, revenue was 0.769 billion yuan, up 50% year on year; net profit to mother was 33.82 million yuan, up 64% year on year. 2024Q3 achieved revenue of 0.255 billion yuan in a single quarter, up 60% year on year; net profit to mother was 9.83 million yuan, up 27% year on year. The reason for the increase in revenue was a year-on-year increase in orders and a steady increase in products sold.
Targeted additional share financing of 0.15 billion was issued to the company's actual controller and chairman to supplement working capital, demonstrating management's confidence in the company's development. 1) The company's main customer base system is power plants belonging to large national power companies, and the payment settlement period is long. Due to the high value of the company's products and the long production cycle, stocks such as raw materials, products in stock, and shipped goods take up a lot of capital. 2) In addition, the company is actively promoting system research and development in non-electrical industries such as steel, metallurgy, chemicals, and new energy, and promoting the gradual expansion of products to other industries. As the company continues to step up technology research and development efforts in various fields, R&D capital requirements will further increase. 3) In October 2024, the company plans to raise 0.15 billion yuan in targeted shares to Wang Yong, the actual controller and chairman, to supplement working capital and demonstrate the company's management's confidence in the healthy development of the company.
The company is expanding to fields other than thermal power, and the Yuguang complementary hydrogen production project is about to be delivered. The company's 120-megawatt fish-light complementary project in Ligezhuang Town, Jiaozhou City, has obtained the 2022 market-based grid connection target of the Shandong Provincial Energy Administration. It plans to use the fish-light complementary model for comprehensive development. The construction scale is 90MW of AC side installed capacity and 20MW hydrogen production equipment. After construction is completed and full-capacity grid-connected power generation is achieved, the company will divest the supporting 20 MW hydrogen production project and sell 100% of the project's shares to Jiaozhou, Xinneng Xingzhou through equity transfer. Currently, the project is in the construction phase, and delivery is imminent.
Risk warning: fluctuations in raw material prices, changes in industry policies.
