JHM(603078) 申万宏源·2024-08-19 06:48Investment Rating - Maintained "Overweight" rating for Jianghuawei (603078) [2] Core Views - 24Q2 performance driven by product sales growth, with new capacity and products opening up growth space [2] - 24H1 revenue reached 522 million yuan (YoY +5%), net profit attributable to parent company was 57 million yuan (YoY -12%) [4] - 24Q2 revenue was 278 million yuan (YoY +2%, QoQ +14%), net profit attributable to parent company was 32 million yuan (YoY -17%, QoQ +24%) [4] - Gross margin in 24Q2 was 26 61%, net margin was 9 60% [4] - Ultra-pure high-purity reagent sales increased in 24Q2, while photoresist supporting reagent sales volume rose but prices fell [4] - Jiangyin base remains the main source of performance, with Meishan and Zhenjiang bases gradually increasing capacity utilization [5] Financial Highlights - 24H1 ultra-pure high-purity reagent revenue was 330 million yuan, accounting for 65 46% of main business revenue, with gross margin of 27 77% [4] - 24H1 photoresist supporting reagent revenue was 174 million yuan, accounting for 34 54% of main business revenue, with gross margin of 24 07% [4] - 24Q2 ultra-pure high-purity reagent sales volume was 26 9 thousand tons (QoQ +9%), revenue was 173 million yuan (QoQ +10%) [4] - 24Q2 photoresist supporting reagent sales volume was 10 2 thousand tons (QoQ +41%), revenue was 96 million yuan (QoQ +22%) [4] - Forecasted net profit attributable to parent company for 2024-2026 is 148, 209, and 291 million yuan respectively, with corresponding PE ratios of 34X, 24X, and 18X [5] Business Segments - Jiangyin base achieved 434 million yuan revenue and 78 million yuan net profit in 24H1 [5] - Meishan base achieved 90 million yuan revenue and 7 21 million yuan net profit in 24H1, mainly serving BOE and other western customers [5] - Zhenjiang base's phase I project with 58 thousand tons capacity is gradually releasing, with G5 grade products obtaining certifications from major semiconductor companies [5] Market Data - Closing price on 2024/08/16 was 13 20 yuan, with a price-to-book ratio of 3 1 and dividend yield of 0 64% [2] - Circulating A-share market value was 5 09 billion yuan [2] - Earnings per share for 2024E, 2025E, and 2026E are forecasted to be 0 38, 0 54, and 0 75 yuan respectively [6]