HIFICHEM(SZ:300758) EBSCN·2024-07-15 01:01Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [2][24]. Core Insights - The company is expected to benefit from the bankruptcy of a leading overseas high-performance organic pigment manufacturer, which may reduce global supply and allow the domestic leader to increase production and market share, driving revenue growth [1]. - The company forecasts a significant turnaround in profitability for the first half of 2024, with net profit expected to be between 65 million to 72 million yuan, marking a year-on-year increase of approximately 76.84 million to 83.84 million yuan [7]. - The company is focusing on special polyurethane and nylon materials, leveraging its core reaction advantages to expand its product offerings in high-growth sectors such as photovoltaic new energy and packaging [8]. Financial Performance Summary - For the first half of 2024, the company anticipates a substantial increase in sales volume and gross margin for its high-performance organic pigments, driven by improved terminal demand and strategic sales adjustments [16]. - The company has adjusted its profit forecasts for 2024-2026, projecting net profits of 128 million (up 60%), 180 million (up 32%), and 251 million (up 24%) yuan respectively [24]. - The company's revenue for 2024 is expected to reach 2.197 billion yuan, with a revenue growth rate of 22.18% [18]. Market Position and Strategy - The company is positioned as a domestic leader in high-performance organic pigments, poised to capture market share following the supply disruptions caused by the bankruptcy of its overseas competitor [1]. - The company is actively controlling operational costs and enhancing efficiency, which is expected to contribute positively to its financial performance [16]. Future Outlook - The report highlights the company's strategic focus on expanding its product lines in special materials, which is anticipated to drive growth in various sectors, including electronics and oil and gas development [8]. - The anticipated increase in production capacity for special nylon and polyurethane products is expected to further bolster the company's market position and profitability [8].