联泓新科：24H1主营业务盈利改善，持续聚焦新材料

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company's main business profitability has improved in the first half of 2024, with a focus on new materials. The revenue for H1 2024 reached 3.313 billion yuan, a year-on-year increase of 3.31%, while the net profit attributable to shareholders was 141 million yuan, a significant decline of 56.82% year-on-year. However, the non-recurring net profit increased by 60.73% year-on-year to 111 million yuan [1][2]. - The company has successfully launched new production facilities, including a 90,000-ton/year VA facility and a 20,000-ton/year UHMWPE facility, which are expected to enhance its product offerings in the photovoltaic materials sector [1][2]. - The report anticipates that the company's net profit attributable to shareholders will be 408 million yuan in 2024, 498 million yuan in 2025, and 721 million yuan in 2026, with corresponding EPS of 0.31, 0.37, and 0.54 yuan, respectively [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 3.313 billion yuan, with a year-on-year growth of 3.31%. The net profit attributable to shareholders was 141 million yuan, down 56.82% year-on-year, while the non-recurring net profit was 111 million yuan, up 60.73% year-on-year [1][2]. - The revenue for 2024 is projected to be 6.949 billion yuan, with a growth rate of 2.53%. The net profit is expected to decline by 8.64% to 446 million yuan, followed by a recovery in subsequent years [3][5]. Production Capacity and Projects - The company is focusing on expanding its production capacity in the new materials sector, with several projects underway. The 20,000-ton/year POE project is expected to be completed in 2025, enhancing the company's position in the photovoltaic materials market [2][5]. - The report highlights that the company will have both EVA and POE products, which are key materials for photovoltaic applications, thereby strengthening its competitive advantage in the industry [2][5]. Market Outlook - The report indicates a positive outlook for the photovoltaic materials market, driven by increasing demand. The company is expected to benefit from this trend, particularly in the second half of 2024, as traditional demand peaks during the "Golden September and Silver October" period [1][2].