洁美科技：H1业绩符合预期，离型膜业务进展顺利

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The company's H1 2024 performance met expectations, with revenue of 839 million yuan, a year-on-year increase of 17.75%, and a net profit attributable to shareholders of 121 million yuan, up 20.88% year-on-year [4] - The company is experiencing a recovery in demand, leading to an increase in market share for carrier tapes and adhesive tapes, while the release of new products in the release film segment is progressing smoothly [5] - The company has successfully developed low roughness release films for MLCC and mid-to-high-end polarizer release films, with stable supply to major customers [5] Financial Performance Summary - In H1 2024, the company achieved a gross profit margin of 36.52%, an increase of 3.32 percentage points year-on-year, and a net profit margin of 14.45%, up 0.38 percentage points year-on-year [4] - The company’s revenue for H1 2024 was 839 million yuan, with a net profit of 121 million yuan, and a net profit after deducting non-recurring gains and losses of 118 million yuan [4] - The company expects revenues of 2.112 billion yuan, 2.874 billion yuan, and 3.789 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 364 million yuan, 515 million yuan, and 696 million yuan for the same years [5][6] Business Segment Performance - In H1 2024, revenue from carrier tapes was 599 million yuan (up 14.50% YoY), adhesive tapes revenue was 126 million yuan (up 29.61% YoY), and film materials revenue was 71.74 million yuan (up 18.41% YoY) [5] - The company has maintained a high market share in the paper carrier tape sector and is actively expanding capacity in the adhesive tape sector [5] - The company has developed its own production capabilities for precision molds and raw materials in the plastic carrier tape sector, further enhancing its production capacity [5]