Investment Rating - The report maintains a "Recommend" rating for Huami New Materials (836247 BJ) [2][3] Core Views - Revenue growth in Q2 2024: YoY increase of 0 44% to 190 56 million yuan QoQ increase of 11 49% to 100 46 million yuan [1] - Net profit decline: YoY decrease of 12 52% to 20 59 million yuan QoQ decrease of 6 23% to 9 96 million yuan [1] - Gross margin improvement: Increased by 1 76 pct YoY to 30 32% [1] - R&D investment growth: Increased by 38 22% YoY to 14 71 million yuan with 5 new patents added [1] - Special engineering plastics project progressing: 12 production lines in ramp-up phase [2] Financial Performance - Rubber and plastic materials: Revenue increased by 5 56% YoY to 146 30 million yuan with gross margin up 4 81 pct to 26 25% [1] - Rubber and plastic products: Revenue decreased by 13 45% YoY to 44 26 million yuan with gross margin down 4 06 pct to 43 78% [1] - Operating expenses ratio: Increased by 3 11 pct YoY to 11 02% [1] Future Projections - 2024-2026 net profit forecast: 57 million yuan (+9 54%) 72 million yuan (+26 07%) 91 million yuan (+27 30%) [2] - 2024-2026 PE ratio: 28x 22x 17x [2] - Revenue growth forecast: 10 38% in 2024 27 38% in 2025 27 71% in 2026 [6] Industry and Market Position - Strong technical capabilities in rubber and plastic industry [2] - Expanding applications in automotive aerospace and high-speed rail sectors [2] - Strategic positioning with technical centers in multiple cities [1] - Collaboration with universities and research institutions [1]
华密新材点评报告：营收同比增长，特种工程塑料项目稳步推进