容百科技：二季度业绩扭亏，全球化布局稳步推进

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [1][8]. Core Views - The company reported a revenue of 6.888 billion yuan for the first half of 2024, a year-on-year decrease of 46.58%, primarily due to declining raw material prices affecting product pricing [1]. - The net profit attributable to shareholders was 0.1 billion yuan, down 97.29% year-on-year, with a significant drop in key financial metrics [1]. - The company achieved a turnaround in Q2 2024, reporting a net profit of 0.48 billion yuan, compared to a loss in Q1 2024 [1]. - Strategic investments exceeding 90 million yuan were made in precursor materials, manganese iron lithium, and sodium batteries, with expectations for improved profitability in the second half of 2024 as production ramps up [1][3]. Financial Performance - For Q2 2024, the company achieved revenue of 3.196 billion yuan, a year-on-year decrease of 23.39% and a quarter-on-quarter decrease of 13.43% [1]. - The company's main product sales volume reached 54,900 tons in H1 2024, a year-on-year increase of 18.17%, maintaining a leading market share in high-nickel ternary materials [1][3]. - The company’s R&D expenses increased by 49.07% year-on-year to 179 million yuan, reflecting efforts to maintain technological leadership and expand the R&D team [1][3]. Global Expansion - In H1 2024, overseas customer sales accounted for 17% of total sales, a significant increase of 16 percentage points year-on-year [3]. - The company is expanding its production capacity in South Korea, with plans for a total of 100,000 tons/year for ternary materials and 20,000 tons/year for phosphates [3]. - The company has completed the acquisition of a factory in Poland and is progressing with site selection for a North American facility [3]. Profit Forecast - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 215 million yuan, 481 million yuan, and 730 million yuan respectively, reflecting ongoing investments in new business areas [2][4].