Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's performance was under pressure due to declining customer demand, but there was a rebound in Q2 2024. The company reported a revenue of 196 million yuan in H1 2024, down 11.08% year-on-year, and a net profit of 60 million yuan, down 17.87% year-on-year. However, Q2 2024 saw a revenue of 130 million yuan, up 22.12% year-on-year and up 95.09% quarter-on-quarter [2][3] - The gross margin improved year-on-year, while the expense ratio increased. The gross margin for H1 2024 was 44.48%, up 0.25 percentage points year-on-year. The management expenses increased by 45.56% year-on-year due to company expansion and increased employee numbers [2][3] - The company has completed the installation of its fundraising projects and is showing confidence in its future development by repurchasing shares using its own funds, indicating recognition of its own value [3] Financial Performance Summary - For 2024, the company is expected to generate total revenue of 418.27 million yuan, a decrease of 5.34% year-on-year, and a net profit of 135.71 million yuan, a decrease of 9.40% year-on-year. The earnings per share (EPS) is projected to be 1.14 yuan [1][9] - The company is a leader in the metal extraction agent segment, with a positive outlook for the wet metallurgy sector as it replaces traditional pyrometallurgy [3] - The company plans to expand its production capacity for metal extraction agents and expects to benefit from the growing demand for new energy metals such as cobalt, nickel, and lithium [3] Market Data - The closing price of the company's stock is 14.69 yuan, with a market capitalization of 1,750.10 million yuan [5] - The price-to-earnings (P/E) ratio based on the latest diluted EPS is projected to be 12.90 for 2024, 10.87 for 2025, and 9.64 for 2026 [1][10]
康普化学：2024年半年报点评：Q2业绩环比回升，自有资金回购彰显发展信心