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科思股份:2024年半年报点评:24Q2营收增速环比放缓,期待下半年新产品放量拉动增长

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 1.405 billion yuan in H1 2024, representing a year-on-year increase of 18.01%, with a net profit attributable to shareholders of 421 million yuan, up 20.24% year-on-year [2]. - The second quarter of 2024 saw a revenue of 693 million yuan, a year-on-year increase of 15.00%, and a net profit of 202 million yuan, up 6.00% year-on-year [2]. - The company is expected to benefit from the launch of new products in the second half of the year, which could drive growth [2]. Revenue and Profitability - The company's revenue from cosmetic active ingredients and raw materials reached 1.202 billion yuan, accounting for 85.60% of total revenue, with a year-on-year growth of 15.07% [2]. - The synthetic fragrance segment generated 193 million yuan, a year-on-year increase of 41.08%, representing 13.73% of total revenue [2]. - The overall gross margin for H1 2024 was 47.84%, a decrease of 1.52 percentage points year-on-year, primarily due to the faster growth of lower-margin synthetic fragrances [2]. Financial Forecasts - The company is projected to achieve revenues of 3.295 billion yuan in 2024, with a growth rate of 37.3% [3]. - Net profit attributable to shareholders is expected to reach 909 million yuan in 2024, reflecting a growth rate of 24.0% [3]. - The earnings per share (EPS) is forecasted to be 2.68 yuan in 2024, with a price-to-earnings (PE) ratio of 11 [3]. Growth Drivers - The company has successfully launched a new production line with an annual capacity of 1,000 tons for P-S, and is advancing the market promotion of new products such as amino acid surfactants and PO [2]. - Ongoing projects include a 10,000-ton annual sunscreen product project in Malaysia, expected to be launched in the second half of 2025 [2]. - The company anticipates significant revenue contributions from new products like P-S and amino acid surfactants in the coming years [2].