Workflow
科思股份:多因素扰动业绩增长放缓,防晒市场份额持续提升

Investment Rating - The investment rating for the company is "Outperform the Market" [3][11][15] Core Views - The company's revenue for the first half of the year reached 1.405 billion, a year-on-year increase of 18.0%, while the net profit attributable to shareholders was 421 million, up 20.2% year-on-year. However, the second quarter saw a revenue of 693 million, a year-on-year increase of 15.0%, but a quarter-on-quarter decline of 2.7% [1][5] - The company is experiencing a slowdown in performance due to factors such as downstream customer destocking and adverse weather conditions in Europe, which have weakened overall sunscreen demand [1][5] - The company has completed the trial operation of a new production line with an annual capacity of 1,000 tons and is accelerating the launch of new products, which is expected to drive future performance growth [1][11] Financial Performance - In Q2 2024, the company achieved a gross margin of 47.86% and a net margin of 29.10%, both showing a year-on-year decline due to increased depreciation and amortization from fixed asset additions [1][6] - The company plans to distribute a cash dividend of 204 million, which accounts for 48.34% of the net profit attributable to shareholders [1][5] Operational and Cash Flow Stability - The inventory turnover days for the first half of 2024 were 107 days, a decrease of 30 days year-on-year, while accounts receivable turnover days increased to 56 days, up 7 days year-on-year [2][9] - The operating cash flow for Q2 2024 was 412 million, reflecting an 80.2% year-on-year increase, indicating stable cash flow levels [2][9] Earnings Forecast and Valuation - The company has adjusted its net profit forecasts for 2024-2026 to 877 million, 1.065 billion, and 1.273 billion respectively, with corresponding P/E ratios of 12, 10, and 8 times [11][12] - The projected revenue growth rates for 2024 and 2025 are 24.9% and 26.1%, respectively, with expected gross margins of 47.5% and 46.7% [12][13]