Longhua New Material(301149) 民生证券·2024-08-17 15:30Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future growth [2][4]. Core Insights - The company achieved a revenue of 2.777 billion yuan in the first half of 2024, representing a year-on-year growth of 43.01%. The net profit attributable to shareholders was 90.53 million yuan, up 12.78% year-on-year [2]. - The sales volume of polyether products increased by 48% in the first half of 2024, with a market share that continues to rise. The company has a current polyether production capacity of 620,000 tons [2]. - The successful trial production of the 80,000-ton terminal amino polyether project marks a significant milestone, with the project expected to drive future revenue and profit growth [2]. - Research and development expenses increased significantly, reaching 90.54 million yuan, a growth of 42.77% year-on-year, indicating a strong focus on innovation and product development [2]. Financial Forecasts - The company is projected to achieve net profits of 249 million yuan, 445 million yuan, and 664 million yuan for the years 2024, 2025, and 2026, respectively [3][5]. - Earnings per share (EPS) are expected to be 0.58 yuan, 1.03 yuan, and 1.55 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 14x, 8x, and 5x [2][3]. - Revenue forecasts for the upcoming years are 5.021 billion yuan in 2024, 6.893 billion yuan in 2025, and 9.027 billion yuan in 2026, reflecting a robust growth trajectory [3][5].