JHM(SH:603078) EBSCN·2024-08-19 07:42Investment Rating - The report maintains an "Accumulate" rating for the company [2][3]. Core Views - The company's revenue for the first half of 2024 reached 522 million yuan, a year-on-year increase of 4.5%, while the net profit attributable to shareholders decreased by 12.2% to 56.89 million yuan [1][2]. - The sales volume of wet electronic chemicals showed steady growth, with ultra-pure reagents and photoresist supporting reagents achieving sales volumes of 51,400 tons and 17,400 tons, respectively, representing year-on-year growth of 8.3% and 10.6% [2]. - The company has fully launched its production bases in Zhenjiang and Sichuan, with a focus on ramping up capacity and product introduction [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 278 million yuan, a year-on-year increase of 1.7% and a quarter-on-quarter increase of 13.8% [1]. - The average prices of ultra-pure reagents and photoresist supporting reagents decreased by 6.4% and 9.1%, leading to a decline in gross margins [2]. Production Capacity - By the end of 2023, the company had production capacities of 90,000 tons/year in Jiangyin, 58,000 tons/year in Zhenjiang, and 87,000 tons/year in Sichuan, with utilization rates of 93.2%, 20.8%, and 31.8%, respectively [2]. - The second phase of the Zhenjiang project is in the installation and debugging stage, with an expected capacity of 100,000 tons/year to be fully operational by mid-2027 [2]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted downward, with expected net profits of 122 million yuan (down 41.7%), 151 million yuan (down 45.4%), and 211 million yuan, respectively [2][3]. - The report emphasizes the importance of monitoring the progress of the company's ongoing capacity expansion and product introduction [2].