盛航股份：2024年半年报点评：内外兼营灵活布局，收并购落地扩张延续

Investment Rating - The report maintains a "Buy" rating for the company [2][6][9] Core Views - The company has achieved a revenue of 708 million yuan in H1 2024, representing a year-on-year increase of 22.36%, with a net profit attributable to shareholders of 97 million yuan, up 10.48% year-on-year [2][3] - The company is actively balancing its capacity layout through a strategy of both domestic and foreign trade, with foreign trade becoming a strong driver of growth [3][4] - The acquisition of Haichanghua has been completed, continuing the dual expansion strategy in both domestic and foreign trade [3][4] Summary by Sections Financial Performance - In H1 2024, the company's revenue from domestic chemical products, domestic refined oil, and foreign chemical products was 373 million yuan, 43 million yuan, and 293 million yuan, respectively, with year-on-year changes of -11.08%, -13.20%, and +165.80% [3] - The gross profit margins for these segments were 31.79%, 19.85%, and 31.12%, showing year-on-year changes of -4.40 percentage points, +14.95 percentage points, and +31.12 percentage points [3] Growth Projections - The company is projected to achieve revenues of 1.478 billion yuan, 1.924 billion yuan, and 2.119 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17%, 30%, and 10% [6][7] - The net profit attributable to shareholders is expected to be 207 million yuan, 269 million yuan, and 320 million yuan for the same years, with growth rates of 14%, 30%, and 19% [6][7] Valuation Metrics - The report indicates a projected P/E ratio of 12.02, 9.27, and 7.78 for the years 2024, 2025, and 2026, respectively [6][7] - The projected ROE is expected to remain stable at 11% for 2024 and 2025, increasing to 13% in 2026 [6][7]