华旺科技点评报告：24Q2业绩稳健成长，提升分红回报股东

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company has shown steady growth in revenue and profit, with a significant increase in net profit by 28.06% year-on-year in H1 2024 [3] - The company is positioned as a leading player in the mid-to-high-end decorative paper market, with expectations for continued growth in both domestic and international market shares [6] - The company plans to enhance shareholder returns through increased dividend payouts, with a proposed cash dividend of 4.2 yuan per 10 shares, totaling 195 million yuan [7] Summary by Sections Basic Events - In H1 2024, the company achieved revenue of 1.947 billion yuan, a year-on-year increase of 4.59%, and a net profit of 302 million yuan, up 28.06% year-on-year [3] - Q2 2024 revenue reached 999.5 million yuan, reflecting a year-on-year growth of 5.02% and a net profit of 155 million yuan, up 20.92% year-on-year [3] Revenue Performance - In H1 2024, revenue from decorative paper and wood pulp trading was 1.541 billion yuan and 382 million yuan, respectively, with year-on-year growth of 6.11% and a slight decline of 0.83% [4] - The increase in revenue is attributed to the release of new production capacity and an increase in market share both domestically and internationally [4] Profitability and Cash Flow - In Q2 2024, the company's gross profit margin was 17.19%, a decrease of 1.60 percentage points year-on-year, while the net profit margin was 15.61%, an increase of 2.05 percentage points year-on-year [5] - The net cash flow from operating activities in Q2 2024 was 385 million yuan, an increase of 85 million yuan year-on-year [5] Market Position and Growth Potential - The company has a production capacity of 350,000 tons of decorative paper as of 2023, with ongoing expansion projects expected to enhance its market position [6] - The company is expected to face limited disruptions from the EU's anti-dumping investigation on decorative paper, indicating a broad growth potential in the medium to long term [6] Earnings Forecast and Valuation - The company is projected to achieve revenues of 4.6 billion yuan, 5.455 billion yuan, and 6.243 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.70%, 18.59%, and 14.44% [8] - The expected net profit for the same years is 607 million yuan, 728 million yuan, and 841 million yuan, with corresponding P/E ratios of 9, 8, and 7 [8]