甬金股份：2024年半年度业绩预增公告点评：主业重回增长，公司单季度扣非净利润创单季度新高

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 22.8 CNY per share, indicating a potential upside of 15% from the current price of 19.74 CNY [1][12]. Core Insights - The company's main business has returned to growth, achieving a record high in quarterly net profit excluding non-recurring items. The new production capacities in Guangdong and Zhejiang have significantly contributed to profit growth [1]. - The overseas market remains strong, with the Vietnam subsidiary's production capacity utilization further improving, which has been a key factor in the substantial growth of the company's performance in the first half of the year [1]. - The company has confirmed a net gain of 109 million CNY from the relocation compensation of its Zhejiang headquarters, adding to its financial performance [1]. Financial Performance Summary - For the first half of 2024, the company expects to achieve a net profit attributable to shareholders of 400 million to 450 million CNY, representing a year-on-year increase of 186 million to 236 million CNY, or a growth rate of 87.34% to 110.76% [11]. - The projected net profit for 2024-2026 is estimated at 695 million CNY, 729 million CNY, and 769 million CNY, respectively, with a downward revision from previous estimates due to cautious market conditions [1][11]. - The company’s total revenue for 2023 is reported at 39.874 billion CNY, with a projected growth rate of 5.2% for 2024 [11]. Production Capacity and Market Expansion - The new production lines in Guangdong and Zhejiang are expected to stabilize and enhance the company's performance in the stainless steel sector, while the Vietnam subsidiary is gaining recognition in international markets such as South Korea, Japan, and Russia [1]. - The company is positioned as a leader in the cold-rolled stainless steel market, with plans for product structure adjustments and new industry developments in titanium alloys and pre-plated nickel [1].