华旺科技：Q2业绩表现持续稳健，中期分红彰显价值

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 15.98 CNY, while the current stock price is 11.94 CNY [1]. Core Views - The report highlights strong revenue growth driven by export increases and improved profitability, alongside a higher dividend payout ratio that reflects the company's value [1][2]. - The company is positioned as a leader in the decorative paper segment, with robust R&D capabilities and effective cost control, indicating strong earnings resilience [6]. Financial Performance - For H1 2024, the company achieved revenue of 1.947 billion CNY, a year-on-year increase of 4.59%, and a net profit of 302 million CNY, up 28.06% year-on-year [2]. - The gross margin for H1 2024 was 18.65%, an increase of 2.17 percentage points year-on-year, while the net profit margin was 15.52%, up 2.88 percentage points year-on-year [4][6]. - The company plans to distribute a cash dividend of 0.42 CNY per share, with a payout ratio of 64.49% for H1 2024 [2]. Revenue Breakdown - In H1 2024, revenue from decorative paper and wood pulp trade was 1.541 billion CNY and 382 million CNY, reflecting year-on-year growth of 6.11% and a decline of 0.83%, respectively [3]. - Domestic and international revenues for H1 2024 were 1.526 billion CNY and 421 million CNY, with year-on-year growth of 3.55% and 8.56% [3]. Cost and Margin Analysis - The company’s gross margin for decorative paper and wood pulp trade in H1 2024 was 21.24% and 8.68%, respectively [4]. - The report anticipates improved profitability in H2 2024 due to declining raw material prices, particularly for pulp and titanium dioxide [4]. Future Projections - Revenue projections for 2024-2026 are 4.580 billion CNY, 5.497 billion CNY, and 6.295 billion CNY, with year-on-year growth rates of 15.20%, 20.03%, and 14.52% [6][7]. - Expected net profits for the same period are 675 million CNY, 814 million CNY, and 934 million CNY, with growth rates of 19.27%, 20.52%, and 14.78% [6][7].