洁美科技：客户结构优质，专注发展高附加值产品

Investment Rating - The report maintains an investment rating of "Buy-A" for the company [4][7]. Core Views - The company achieved a revenue of 839.27 million yuan in the first half of 2024, representing a year-on-year growth of 17.75%. The net profit attributable to shareholders reached 121.27 million yuan, up 20.88% year-on-year [2][4]. - The demand from downstream sectors is recovering, with an increase in the share of high-end products. The company is benefiting from new demand growth points in the electronic components industry driven by sectors such as new energy, smart manufacturing, and 5G technology [2][6]. - The company is actively upgrading its production capacity to meet high-end demand, with new production lines and projects underway, including the expansion of its electronic special paper and adhesive tape production [3][6]. Financial Performance - For the first half of 2024, the company reported total revenue of 839.27 million yuan, a 17.75% increase year-on-year, and a net profit of 121.27 million yuan, reflecting a 20.88% growth [2][4]. - The company forecasts revenues of 1.918 billion yuan, 2.532 billion yuan, and 3.494 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 294.4 million yuan, 419.3 million yuan, and 654.8 million yuan for the same years [7][9]. Production Capacity and R&D - The company has successfully trialed its fifth electronic special paper production line and is expanding its adhesive tape production capacity, with a project aiming for an annual output of 4.2 million rolls [3][6]. - The company is continuously developing various models and applications of release films, improving production processes and product performance, which is expected to lead to rapid revenue growth in this segment [6][4]. Market Position - The company has established a strong customer base, including major clients in the MLCC sector, and is making strides in the high-end MLCC application field, particularly in the Japanese and Korean markets [6][4]. - The report indicates that the company is well-positioned to benefit from the recovery in the industry and the increasing demand for high-value products [2][6].