Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.405 billion yuan for H1 2024, representing a year-on-year increase of 18.0%, and a net profit attributable to shareholders of 421 million yuan, up 20.2% year-on-year [2] - The new sunscreen agents continue to gain traction, with the company launching a new production line for 1,000 tons of new sunscreen agents, which is expected to enhance its market presence [2][3] - The company has a strong cash flow performance, with operating cash flow in Q2 2024 increasing by 92% year-on-year, significantly outpacing reported profits [2] Financial Performance Summary - For 2024E, total revenue is projected to be 2,964 million yuan, with a year-on-year growth of 23.52% [1] - The net profit attributable to shareholders is expected to reach 905.96 million yuan in 2024E, reflecting a year-on-year increase of 23.50% [1] - The latest diluted EPS is forecasted to be 2.67 yuan per share for 2024E, with a P/E ratio of 11.40 [1] Product and Market Development - The company is expanding its product categories, with cosmetic raw materials and synthetic fragrances showing revenue growth of 15.1% and 41.1% respectively in H1 2024 [2] - The company is also advancing its production capacity in Malaysia, aiming for an annual output of 10,000 tons of sunscreen products, which will enhance its international risk management capabilities [2][3] Profitability and Cash Flow - The gross margin is slightly down by 1.5 percentage points year-on-year in H1 2024, but remains high due to the increased proportion of new sunscreen agents [2] - Operating cash flow for H1 2024 was 570 million yuan, up 43% year-on-year, indicating strong cash generation capabilities [2]
科思股份:2024年半年报点评:新型防晒剂持续放量,现金流表现优于财务利润