HQTI(688281) 东吴证券·2024-08-14 23:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 485 million yuan in the first half of 2024, representing a year-on-year growth of 27.04%, and a net profit attributable to shareholders of 216 million yuan, up 17.44% year-on-year [1][2] - The company has signed three significant contracts in 2024, with total amounts of 310 million yuan, 332 million yuan, and 132 million yuan, which are expected to positively impact current performance [2] - The new materials industry in China is rapidly expanding, with the total value reaching approximately 6.8 trillion yuan in 2022, a sixfold increase over the past decade, positioning the company as a leading player in this sector [2] - The company specializes in the research, production, and sales of special functional materials, including stealth materials, camouflage materials, and protective materials, with strong market barriers and a rich product line [2] - The company has adjusted its net profit forecasts for 2024-2026 to 505 million yuan, 674 million yuan, and 867 million yuan, respectively, corresponding to P/E ratios of 33, 25, and 19 times [2] Financial Summary - In the first half of 2024, the company reported a net cash flow from operating activities of 63 million yuan, a decrease of 35.03% year-on-year, primarily due to increased operational scale and costs [1] - The company's total revenue is projected to reach 1,158 million yuan in 2024, with a year-on-year growth rate of 26.27% [8] - The company's net profit attributable to shareholders is expected to grow to 505 million yuan in 2024, reflecting a growth rate of 50.86% [8] - The company's earnings per share (EPS) is forecasted to be 2.60 yuan in 2024, with a P/E ratio of 33.03 based on the current price [9]