Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall performance is steadily growing, driven by increased demand from the automotive and home appliance sectors, leading to continuous capacity release [2][3] - The company has seen a significant increase in external sales orders, with a revenue of 693 million yuan in the first half of 2024, up 15.89% year-on-year [2] - The gross profit margin has decreased slightly, while the expense ratio has increased, indicating a need for careful management of costs [2][3] - The company is positioned as a small giant in the modified plastics industry, with a focus on automotive and home appliance applications, benefiting from a robust customer base and technological capabilities [3] Financial Performance Summary - For 2024, the company is projected to achieve total revenue of 1,653 million yuan, a year-on-year increase of 16.69% [1] - The net profit attributable to the parent company is expected to reach 149.23 million yuan in 2024, reflecting a growth of 28.83% compared to the previous year [1] - The latest diluted EPS is forecasted to be 0.99 yuan per share for 2024, with a corresponding P/E ratio of 8.84 [1] Business Segment Analysis - In the first half of 2024, revenue from plastic particles and sheets was 668 million yuan and 20 million yuan, respectively, with the former growing by 17.86% and the latter declining by 32.51% due to reduced orders from a subsidiary [2] - The company's external sales revenue surged by 129.95% in the first half of the year, primarily due to increased orders from automotive clients in Malaysia [2] Capacity Expansion - The company has established new production capacities, including a 56,000-ton facility in Suqian that began operations in August 2023, and a 25,000-ton plant in Baoji, Shaanxi, which started in December 2022 [3] - The demand for modified plastics in the automotive sector is expected to grow due to increased vehicle production and the rising penetration of new energy vehicles [3]
禾昌聚合：2024年半年报点评：整体业绩稳步增长，汽车及家电需求驱动产能持续释放