容百科技：2024上半年业绩点评：24Q2实现扭亏为盈，24Q3排产有望逐季提升

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a turnaround in Q2 2024, with a revenue of 3.196 billion yuan, a year-on-year decline of 29.39%, and a net profit of 47.52 million yuan, marking a return to profitability [1] - The company holds the largest global market share in ternary materials at 11%, with a significant increase in sales volume and a strong domestic market presence in high-nickel ternary materials [2][4] - The overseas customer sales ratio increased significantly to 17%, with ongoing capacity expansion in South Korea [3] - New product developments in ultra-high nickel, manganese iron lithium, and sodium battery cathodes are progressing well, contributing to the company's diversified product portfolio [4] Financial Summary - For the first half of 2024, the company reported a revenue of 6.888 billion yuan, a year-on-year decrease of 46.58%, and a net profit of 10.28 million yuan, down 97.29% [1] - The company has adjusted its profit forecasts for 2024-2026, with expected net profits of 251 million, 401 million, and 557 million yuan respectively, reflecting a downward revision due to increased market competition and lower capacity utilization [4][6]