远兴能源：1H24业绩同比明显上涨，纯碱产能放量将为公司持续赋能

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [14]. Core Views - The company's revenue and profit showed steady growth in the first half of 2024, driven by increased production capacity of soda ash and strong domestic market demand [2][3]. - The company's soda ash segment is expected to benefit from ongoing capacity expansion, with the Alashan project contributing significantly to future revenue growth [7][8]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 7.07 billion yuan, a year-on-year increase of 32.00%, and a net profit of 1.21 billion yuan, up 14.90% year-on-year [1]. - The overall gross margin for the first half of 2024 was 44.35%, an increase of 7.73 percentage points compared to the same period in 2023 [2]. - The company's cash flow from operating activities increased by 7.23% year-on-year, amounting to 1.36 billion yuan [2]. Production and Sales Summary - The soda ash segment generated revenue of 4.84 billion yuan in the first half of 2024, a significant increase of 76.47% year-on-year, while the urea segment saw a revenue decline of 20.69% [3]. - The production volume for soda ash reached 2.72 million tons, while urea production was 840,200 tons in the first half of 2024 [3]. - The average market prices for light and heavy soda ash were 2,160.31 yuan/ton and 2,246.68 yuan/ton, respectively, both showing a decline compared to the previous year [3]. Future Outlook - The company is expected to achieve revenues of 14.84 billion yuan, 16.97 billion yuan, and 18.87 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 2.67 billion yuan, 3.04 billion yuan, and 3.26 billion yuan [8]. - The ongoing expansion of the Alashan project is anticipated to further enhance the company's production capacity and market share in the soda ash sector [7][8].