凯立新材2024半年度报告点评：Q2业绩环比增长，看好长期成长性

Investment Rating - The report maintains a rating of "Accumulate" for the company [3][4]. Core Views - The company's Q2 performance met expectations, with precious metal catalysts expected to perform well across multiple sectors, supporting the "Accumulate" rating [4]. - The company achieved a revenue of 0.812 billion yuan in H1 2024, a year-on-year increase of 16.21%, while the net profit attributable to shareholders was 0.047 billion yuan, a year-on-year decrease of 48.67% [9]. - The report highlights the potential for growth driven by the company's new production capacities in advanced catalytic materials and technology innovation [9]. Financial Summary - For Q2 2024, the company reported a revenue of 0.508 billion yuan, a year-on-year increase of 6.84% and a quarter-on-quarter increase of 66.49% [9]. - The net profit for Q2 2024 was 0.035 billion yuan, a year-on-year decrease of 29.27% but a quarter-on-quarter increase of 206.86% [9]. - The report forecasts net profits for 2024, 2025, and 2026 to be 0.171 billion yuan, 0.232 billion yuan, and 0.271 billion yuan respectively, with corresponding EPS of 1.31 yuan, 1.77 yuan, and 2.07 yuan per share [9][10]. Target Price - The target price has been adjusted to 31.36 yuan, up from the previous forecast of 30.75 yuan, based on a PE ratio of 24x for 2024 [9].