SOKAN(688157) 光大证券·2024-08-16 06:42Investment Rating - The report maintains a "Buy" rating for Matsui Co., Ltd. (688157.SH) [5] Core Views - The company achieved significant revenue growth in the consumer electronics sector, with a 31.5% year-on-year increase in revenue to 323 million yuan in the first half of 2024 [1] - The demand for new functional coating materials is driven by the recovery of the high-end consumer electronics market, with revenue from this sector reaching 271 million yuan, a 35.7% increase year-on-year [2] - The company has successfully implemented innovative projects, including a UV inkjet printing solution for battery insulation, marking a significant milestone in its technological advancements [2] Summary by Sections Financial Performance - In H1 2024, the company reported a net profit of 40.71 million yuan, up 52.4% year-on-year, and a net profit of 28.63 million yuan in Q2 2024, reflecting a 20.9% year-on-year increase [1] - The gross margin improved by 1.1 percentage points to 50.1% in H1 2024 due to product structure optimization and lean production management [2] Market Demand - The high-end consumer electronics market is experiencing a revival, leading to increased demand for new functional coating materials [2] - Revenue from mobile phones and related accessories grew by 32.9%, while wearables saw a remarkable 77.3% increase [2] Innovation and Client Collaboration - The company has deepened collaborations with major clients in the consumer electronics sector, including North American and domestic strategic clients [2] - The successful launch of the UV inkjet printing project for battery insulation is a notable achievement, indicating the company's innovative capabilities [2] Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted upwards, with expected net profits of 119 million yuan (up 6.5%), 154 million yuan (up 11.1%), and 201 million yuan respectively [2]