Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1][3]. Core Insights - The company reported a revenue of 186 million yuan in H1 2024, representing a year-on-year increase of 6.86%, and a net profit attributable to shareholders of 44 million yuan, up 10.67% year-on-year. The growth is primarily driven by increased sales in the aerospace honeycomb and new energy vehicle motor sectors [2]. - The new materials industry is thriving, with significant growth potential for aramid paper applications. The competitive landscape shows that DuPont holds an 80% global market share, while the company is steadily increasing its market recognition and brand awareness [2]. - The company is progressing well with its fundraising projects, including the new functional paper-based material project, which has a theoretical annual production capacity of 1,500 tons. This expansion is expected to enhance its industry position and market share in aramid paper [2][3]. Financial Forecasts - The company’s projected net profits for 2024-2026 are 102 million yuan, 127 million yuan, and 157 million yuan, respectively, with corresponding EPS of 0.70 yuan, 0.87 yuan, and 1.07 yuan per share. The P/E ratios based on the closing price as of August 16, 2024, are expected to be 17, 14, and 11 times [1][3]. - The total revenue forecast for 2024 is 426 million yuan, with a year-on-year growth rate of 25.06%. The net profit margin is projected to be around 24.27% for 2026 [9][10].
民士达：2024中报点评：业绩符合预期，新型纸基材料项目正式封顶