洁美科技：业绩符合预期，看好离型膜放量

Investment Rating - Buy (Maintained) [1] Core Views - Revenue for H1 2024 reached RMB 839 million, a YoY increase of 17.75%, with net profit attributable to the parent company at RMB 121 million, up 20.88% YoY [1] - Q2 2024 revenue was RMB 480 million, a YoY increase of 17.66%, but net profit attributable to the parent company declined by 1.24% YoY to RMB 67.96 million [1] - Gross margin for H1 2024 improved to 36.52%, up 3.32 percentage points YoY, driven by increased demand in the passive components industry and higher production utilization rates [1] - The company has successfully expanded its high-end release film products, securing stable bulk supply to major clients such as Yageo, Walsin, and Fenghua Advanced Material [1] - The first phase of the release film production line, with an annual capacity of 100 million square meters, has begun trial production and is undergoing customer testing [1] Financial Performance - Expected net profit attributable to the parent company for 2024-2026 is RMB 279 million, RMB 368 million, and RMB 483 million, with YoY growth rates of 9.14%, 31.88%, and 31.34% respectively [1] - The current PE ratio is 27x for 2024, 20x for 2025, and 15x for 2026 [1] - Revenue growth rates for 2024-2026 are projected at 18.70%, 24.51%, and 36.75% respectively [3] - ROE (Return on Equity) is expected to increase from 9.01% in 2024 to 12.80% in 2026 [3] Industry and Market Trends - The passive components industry is experiencing a recovery in demand, driven by growth in new energy, smart manufacturing, and 5G commercialization [1] - The company is focusing on optimizing its product structure, increasing the production of high-value-added products, and improving cost efficiency through intelligent manufacturing and refined management [1] - Expansion of production capacity in Southeast Asia, including the Philippines and Malaysia, is underway to meet growing demand [1] Historical Ratings and Market Sentiment - The company has consistently received a "Buy" rating from analysts, with 26 "Buy" recommendations in the past six months [5][6] - The market sentiment score is 1.00, indicating a strong "Buy" consensus among analysts [5]