华旺科技：Q2稳健发展，分红表现较优

Investment Rating - The report maintains a "Recommended" rating for the company, which is a leader in the Chinese decorative paper market [1]. Core Views - The company reported a revenue of 1.947 billion yuan for the first half of 2024, representing a year-on-year increase of 4.59%. The net profit attributable to shareholders was 302 million yuan, up 28.06% year-on-year, with a basic earnings per share of 0.65 yuan [1]. - The company is expanding its production capacity and actively pursuing international market opportunities, achieving external sales of 421 million yuan, a year-on-year increase of 8.56% [1]. - The company is expected to achieve earnings per share of 1.32, 1.52, and 1.71 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 9X, 8X, and 7X [1]. Financial Performance Summary - For the first half of 2024, the company's gross profit margin was 18.65%, an increase of 2.17 percentage points year-on-year. However, the gross profit margin for Q2 2024 was 17.19%, a decrease of 1.6 percentage points year-on-year [1]. - The company’s net profit margin for the first half of 2024 was 14.09%, up 2.25 percentage points year-on-year, while the net profit margin for Q2 2024 was 13%, a slight decrease [1]. - The company’s revenue is projected to grow from 39.76 billion yuan in 2023 to 55.82 billion yuan in 2026, with a compound annual growth rate of approximately 13.49% [3][8].