天安新材：2024年半年报点评：Q2业绩表现稳健，泛家居产业布局进一步完善

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 1.388 billion yuan in H1 2024, a year-on-year increase of 1.72%, with a net profit attributable to shareholders of 53.32 million yuan, up 43.46% year-on-year [1] - The building ceramics business saw a slight decline in revenue but an improvement in net profit margin, with the revenue from the Eagle brand companies at 655 million yuan, down 4.20% year-on-year, while the net profit margin improved by 0.45 percentage points to 5.50% [1] - The automotive interior business experienced rapid growth, with revenue from automotive interior materials increasing by 20.31% year-on-year, while the average price of home decoration materials decreased by 3.73% due to intensified competition [1] - The overall gross margin faced slight pressure, with sales gross margins of 21.25% and 22.43% for Q1 and Q2 2024, respectively, showing year-on-year changes of -0.25 and -0.87 percentage points [1] - The acquisition of a 51% stake in Southern Design Institute in July 2024 enhances the company's strategic layout in the home furnishing sector, providing a one-stop solution for customers [1] - The company expects net profits of 159 million, 188 million, and 228 million yuan for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 11X, 10X, and 8X [1] Summary by Sections Financial Performance - H1 2024 total revenue: 1.388 billion yuan, +1.72% YoY - H1 2024 net profit: 53.32 million yuan, +43.46% YoY - Q2 2024 revenue: 863 million yuan, +4.12% YoY - Q2 2024 net profit: 41.06 million yuan, +41.36% YoY [1] Business Segments - Building ceramics revenue: 655 million yuan, -4.20% YoY - Automotive interior materials revenue: +20.31% YoY - Home decoration materials average price: -3.73% YoY [1] Margins and Costs - Q1 2024 gross margin: 21.25% - Q2 2024 gross margin: 22.43% - H1 2024 operating cash flow: 109 million yuan, -45.68% YoY [1] Strategic Developments - Acquisition of Southern Design Institute to enhance service offerings in home furnishing [1] - Focus on expanding the product sales in the home furnishing industry [1]