Putailai(SH:603659) Soochow Securities·2024-08-20 11:42Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's H1 2024 performance is generally in line with expectations, with revenue of 6.3 billion and a net profit of 860 million, reflecting a year-on-year decrease of 19% and 34% respectively [3] - The negative electrode segment is expected to break even in Q2 and achieve slight profitability in the second half of the year, with total shipments for the year projected at over 160,000 tons [3] - Coated separator sales are stable and increasing, with a market share of 41% and expected shipments of nearly 7 billion square meters for 2024, contributing approximately 1.4 to 1.5 billion in profits [3] - Equipment and PVDF profits are slightly declining, but progress in composite current collectors is on track [3] Financial Forecasts and Valuation - The company’s revenue is forecasted to decline to 13.96 billion in 2024, with a net profit of 1.75 billion, reflecting a year-on-year decrease of 9% [2][4] - The report adjusts the net profit expectations for 2024-2026 to 1.75 billion, 2.32 billion, and 3.04 billion respectively, with corresponding P/E ratios of 14, 11, and 8 times [4] - The target price is set at 16 yuan based on a 20 times P/E for 2024 [4]