Yanggu Huatai(300121) 国海证券·2024-08-14 03:07Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.687 billion yuan in the first half of 2024, representing a year-on-year growth of 1.38%. However, the net profit attributable to shareholders decreased by 33.71% to 139 million yuan [3][4] - The decline in net profit is attributed to several factors, including a decrease in product prices, reduced foreign exchange gains, and increased shipping costs [4][9] - The company has announced a share repurchase plan, intending to buy back shares worth between 50 million and 100 million yuan, reflecting management's confidence in the company's operations [9] Financial Performance Summary - In Q2 2024, the company reported a revenue of 853 million yuan, a slight year-on-year decrease of 0.05% but a quarter-on-quarter increase of 2.28%. The net profit for the quarter was 58 million yuan, down 52.37% year-on-year and 29.12% quarter-on-quarter [3][5][14] - The gross profit margin for Q2 2024 was 18.62%, down 8.46 percentage points year-on-year and 2.18 percentage points quarter-on-quarter [3][4] - The company’s high-performance rubber additives generated revenue of 1.195 billion yuan in the first half of 2024, a year-on-year increase of 15.09%, while the multifunctional rubber additives saw a revenue decline of 21.23% to 492 million yuan [4][11] Earnings Forecast - The report adjusts the earnings forecast, projecting revenues of 3.572 billion yuan, 5.002 billion yuan, and 5.609 billion yuan for 2024, 2025, and 2026 respectively. The net profits are expected to be 317 million yuan, 424 million yuan, and 529 million yuan for the same years [9][10][27]