联泓新科：二季度业绩环比改善，新项目打开成长空间

Investment Rating - The report maintains a "Buy" rating for Lianhong New Materials (003022 SZ) [5] Core Views - Lianhong New Materials' Q2 2024 performance showed significant improvement compared to Q1, with revenue increasing by 22 80% QoQ and net profit attributable to shareholders rising by 73 65% QoQ [2][5] - The company's new projects, including the 90,000 tons/year VA plant and 20,000 tons/year UHMWPE plant, have been successfully put into operation, which is expected to enhance its core competitiveness and profitability [5] - The EVA market is expected to grow significantly, with global photovoltaic installations projected to reach 627GW by 2025, driving demand for EVA products [5] - Lianhong New Materials is expanding its EVA production capacity, with plans to exceed 350,000 tons/year by 2025, and is also actively developing its POE business, with a planned 300,000 tons/year POE project [6] Financial Performance - In H1 2024, the company achieved revenue of 3 313 billion yuan, a year-on-year increase of 3 31%, while net profit attributable to shareholders decreased by 56 82% YoY to 141 million yuan [2][5] - The company's operating cash flow in H1 2024 was 249 million yuan, a decrease of 48 36% YoY [2][5] - The company's Q2 2024 revenue was 1 826 billion yuan, an increase of 11 95% YoY and 22 80% QoQ, with net profit attributable to shareholders of 89 million yuan, a decrease of 50 06% YoY but an increase of 73 65% QoQ [2][5] Future Growth Prospects - The company is expected to see significant growth in the new energy sector, with its 200,000 tons/year EVA capacity expected to be operational by 2025, and its 30,000 tons/year POE project planned for completion in 2025 [6] - In the biodegradable materials sector, the company is constructing a 130,000 tons/year PLA project, with the first phase expected to be completed in H1 2024 [6] - The company's 10,000 tons/year electronic-grade high-purity special gas plant was successfully put into operation in May 2024, further diversifying its product portfolio [6] Financial Projections - The company's net profit attributable to shareholders is projected to be 350 million yuan in 2024, 490 million yuan in 2025, and 670 million yuan in 2026 [6] - The company's PE ratio is expected to be 50 2x in 2024, 36 3x in 2025, and 26 5x in 2026, based on the closing price on July 26, 2024 [6]