Yanggu Huatai(300121) 申万宏源·2024-08-16 00:06Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Views - The company's Q2 performance was impacted by rising shipping costs, leading to a decline in profitability despite stable sales volumes [4][5]. - The company reported a revenue of 1.687 billion yuan in H1 2024, a year-on-year increase of 1.4%, but a net profit of 139 million yuan, down 33.7% year-on-year [4][5]. - The report highlights the ongoing expansion of downstream tire manufacturers, which has driven demand for rubber additives, although some prices have decreased, affecting profitability [4][5]. Financial Summary - As of June 30, 2024, the company had a net asset value per share of 7.45 yuan and a debt-to-asset ratio of 28.19% [3]. - The total revenue for 2024 is projected to be approximately 3.795 billion yuan, with a net profit of around 300 million yuan, reflecting a slight decline from previous estimates [5][6]. - The company's gross margin is expected to stabilize around 19.8% in 2024, with a projected return on equity (ROE) of 9.0% [5][6]. Sales and Production Insights - In Q2 2024, the company estimated sales of approximately 4,000-4,500 tons of anti-scorching agents, with prices around 40,000 yuan per ton [5]. - The report notes that the company is gradually transitioning its construction projects into production, with several new products expected to contribute to revenue growth in the coming years [5][6].