上纬新材：公司事件点评报告：业绩略超预期，新领域打开未来增长空间

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [6] Core Views - The company reported a revenue of 697 million yuan for the first half of 2024, reflecting a year-on-year increase of 7.19%. The net profit attributable to shareholders was 44.57 million yuan, up 39.26% year-on-year, with a non-recurring net profit of 41.35 million yuan, increasing by 34.92% [2][3] - The significant growth in net profit is attributed to increased foreign exchange gains and a reduction in bad debt provisions, indicating effective risk management [3] - The company holds a leading market share in the domestic vinyl ester resin market, with notable growth in wind power materials, which saw a year-on-year increase of 29% [4] - The company is expanding into new fields such as circular economy materials and low-altitude economy, aligning with national development strategies [5] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 363 million yuan, a quarter-on-quarter increase of 8.9%, and a net profit of 26.12 million yuan, up 41.64% quarter-on-quarter [3] - The forecast for revenue from 2024 to 2026 is projected at 1.57 billion, 1.79 billion, and 2.05 billion yuan respectively, with EPS estimates of 0.20, 0.23, and 0.26 yuan [6] Market Position - The company is a leader in the production of environmentally friendly, high-performance corrosion-resistant materials and materials for wind turbine blades, maintaining a strong market presence [4] - The wind power materials segment is expected to continue its rapid growth, contributing significantly to overall revenue [4] Future Growth Potential - The company is actively developing products for the circular economy and low-altitude economy sectors, with partnerships established for product development and supply agreements [5] - The strategic focus on innovation and expanding product lines is expected to open new growth avenues [5]