SMIC(SH:600810)2024-08-09 10:03Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3]. Core Views - The company is a leader in the nylon industry, with an integrated layout and continuous introduction of new products enhancing its competitiveness [2]. - The management's decision to repurchase shares reflects confidence in the company's long-term development and aims to enhance shareholder value [2]. - The company is expected to achieve a significant turnaround in profitability, with a projected net profit of approximately 48.42 million yuan for the first half of 2024, marking a year-on-year improvement [2]. Financial Summary - The company plans to repurchase shares worth 150-200 million yuan, which is expected to reduce the registered capital [2]. - For the fiscal years 2024, 2025, and 2026, the projected revenues are 14.33 billion, 15.75 billion, and 17.69 billion yuan, respectively, with year-on-year growth rates of 10.91%, 9.92%, and 12.33% [2][7]. - The projected net profits for the same years are 386.03 million, 518.35 million, and 739.51 million yuan, with growth rates of 212.89%, 34.28%, and 42.67% [2][7]. - The earnings per share (EPS) are expected to be 0.37, 0.50, and 0.71 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 16, 12, and 9 [2][7].