同飞股份(300990)Tongfei Refrigeration’s 1H22 earnings are in line with expectations,posting marginal increase in operating revenue, impacted by factors suchas domestic macro environment, the local Covid outbreaks, etc. As thepandemic subsides and global commodity prices fall, we believe theoperating revenue and attributable net profit (ANP) of the Company arelikely to grow rapidly. We expect the CAGR of its operating revenue to be44% in the next three years, and considering the valuation of comparablecompanies, we assign 0.9x PEG (under prudent estimate) and 40x 2023EPE to raise the target price to Rmb112 and reiterate the \BUY\" rating.Tongfei’s 1H22 performance was in line with expectations
2022年半年报营业收入4.01亿元，同比增长+3.36%；归母净利润4827.91万元，同比增长-26.08%