Investment Rating - The report maintains a "Recommended" investment rating for the company [3]. Core Views - The company achieved a revenue of 190.56 million yuan in the first half of 2024, reflecting a year-on-year growth of 0.44%. However, the net profit attributable to shareholders decreased by 12.52% to 20.59 million yuan [1]. - The gross margin increased to 30.32%, up by 1.76 percentage points year-on-year, while the net profit margin decreased to 10.78%, down by 1.63 percentage points [1]. - The company is benefiting from low-cost inventory in its rubber and plastic materials segment, with revenue from rubber and plastic materials increasing by 5.56% to 146.30 million yuan, while revenue from rubber and plastic products decreased by 13.45% [1]. - Research and development expenses grew by 38.22% to 14.71 million yuan, with a research and development expense ratio of 7.72% [1]. Financial Performance Summary - For the second quarter of 2024, the company reported a revenue of 100.46 million yuan, a year-on-year increase of 0.39% and a quarter-on-quarter increase of 11.49% [1]. - The company’s operating income is projected to grow from 400.45 million yuan in 2023 to 719.00 million yuan in 2026, with a compound annual growth rate of 27.71% [6]. - The net profit attributable to shareholders is expected to increase from 51.88 million yuan in 2023 to 91.20 million yuan in 2026, reflecting a growth rate of 27.30% [6]. - The company’s gross margin is forecasted to improve gradually from 31.11% in 2023 to 32.55% in 2026 [6]. Project Development - The company has ongoing construction projects totaling 36.39 million yuan, with a focus on special engineering plastics, including PA6, PA66, PEI, PEEK, and PI [2]. - The company has developed modified PEEK materials with applications in aerospace, high-speed rail, and automotive sectors, with 12 production lines currently in ramp-up phase [2].
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