远兴能源：2024年中报点评：2024Q2业绩环比增长12%，阿拉善二期建设进行中

Investment Rating - The report maintains a "Buy" rating for the company [1][4][27] Core Insights - The company achieved a revenue of 7.07 billion yuan in the first half of 2024, representing a year-on-year growth of 32%. The net profit attributable to shareholders was 1.21 billion yuan, up 15% year-on-year [3][4] - The Alashan Phase I project has started production, contributing to increased output and sales, with a total soda ash production of 2.72 million tons in H1 2024, an increase of 1.89 million tons compared to the same period last year [4][6] - The company is expanding its production capacity with the Alashan Phase II project, which is expected to be completed by December 2025, with an investment of approximately 5.5 billion yuan [6][27] Financial Performance Summary - In Q2 2024, the company reported a revenue of 3.79 billion yuan, a year-on-year increase of 33% and a quarter-on-quarter increase of 16%. The net profit attributable to shareholders was 640 million yuan, up 60% year-on-year and 12% quarter-on-quarter [3][4] - The gross profit margin for sales was 44.3%, an increase of 12 percentage points year-on-year, while the net profit margin was 26.3%, up 8.9 percentage points year-on-year [3][4] - The company’s operating cash flow for Q2 2024 was 940 million yuan [3][14] Product Segment Performance - The soda ash segment generated revenue of 3.92 billion yuan in H1 2024, a year-on-year increase of 115%, with a gross margin of 56.4% [4][9] - The sodium bicarbonate segment achieved revenue of 920 million yuan, a slight increase of 0.3% year-on-year, with a gross margin of 52.8% [4][9] - The urea segment reported revenue of 1.70 billion yuan, a decrease of 20% year-on-year, with a gross margin of 26.4% [4][9] Future Earnings Forecast - The company is projected to achieve revenues of 14.65 billion yuan, 16.38 billion yuan, and 18.35 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 2.62 billion yuan, 3.25 billion yuan, and 3.71 billion yuan for the same years [6][27]