华旺科技：Q2经营具韧性，市占率持续提升

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [7][12][20]. Core Views - The company is expected to see a resilient performance in Q2 with a continuous increase in market share, driven by the release of production capacity and advantages in cost control, customer resources, and product quality [10][18]. - The company is actively responding to the EU anti-dumping investigation, with limited impact anticipated due to its low sales proportion in the EU market and strong product stability and innovation that meet local high-end market demands [6][19]. - The company has a strong focus on high-end decorative paper production, benefiting from the gradual consumption of high-cost raw materials and ongoing improvements in cost management, which are expected to enhance profit margins [5][10]. Financial Summary - The company forecasts a net profit attributable to shareholders of approximately 295 to 310 million yuan for H1 2024, representing a year-on-year increase of 25% to 31% [18]. - The projected revenue for 2024 is 4,664.39 million yuan, with a growth rate of 17.32% [13]. - The earnings per share (EPS) is expected to be 1.40 yuan in 2024, with a price-to-earnings (P/E) ratio of 9.31 [13][21]. Market Position - The company is one of the few in the industry that possesses core technology and the capability for multi-variety, customized production of decorative paper, which enhances its competitive edge [11]. - The company has been consistently increasing its market share in the mid-to-high-end decorative paper segment, supported by its product performance in terms of durability, stability, and printability [11][19].