CHENGZHI(000990) 光大证券·2024-07-29 03:31Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3][17]. Core Views - The company reported a revenue of 5.66 billion yuan in the first half of 2024, a year-on-year decrease of 13.6%, but achieved a net profit of 187 million yuan, marking a turnaround from losses [2]. - The company is experiencing a weak recovery in downstream demand, leading to a downward adjustment in profit forecasts for 2024-2025, with net profits expected to be 288 million yuan, 344 million yuan, and 404 million yuan for 2024, 2025, and 2026 respectively [3]. - The company is advancing its "one body, two wings" strategy and is accelerating the layout of new production capacity, which is expected to support future growth [3]. Financial Performance - In Q2 2024, the company achieved a revenue of 2.94 billion yuan, a year-on-year decrease of 7.7%, but a quarter-on-quarter increase of 8.0%, with a net profit of 33 million yuan, reflecting a year-on-year increase of 58.8% [2]. - The average market prices for key clean energy products in the first half of 2024 were as follows: ethylene at 961 USD/ton (up 6.9%), propylene at 6887 yuan/ton (down 2.7%), and n-butanol at 8374 yuan/ton (up 10.6%) [7]. - The company’s cost of raw materials, including non-caking coal and thermal coal, decreased by 30% and 1% respectively, contributing to improved profitability [7]. Strategic Developments - The company has signed a technology package for the POE project, which is progressing steadily, with a total investment of approximately 4 billion yuan and a construction period of three years [8]. - The acquisition of 1183 patent assets for 240 million yuan is expected to enhance the competitiveness of the company's liquid crystal materials segment [15]. - The company has also secured land use rights for 154,200 square meters in Nanjing, further expanding its clean energy business [15].