Putailai(SH:603659) Minsheng Securities·2024-08-21 08:11Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company experienced a revenue decline of 18.89% year-on-year in H1 2024, with total revenue reaching 6.332 billion yuan and a net profit attributable to shareholders of 858 million yuan, down 34.24% year-on-year [2]. - In Q2 2024, the company reported a revenue of 3.297 billion yuan, a year-on-year decrease of 19.71%, but a quarter-on-quarter increase of 8.67% [2]. - The company's negative electrode shipments decreased in H1 2024 to 67,000 tons, primarily due to industry supply-demand mismatches and low product prices [2]. - Coating film shipments showed steady growth, with the company capturing a 41.03% market share in the domestic wet separator market [2]. - PVDF shipments surged by 115.94% year-on-year in H1 2024, indicating strong product demand despite increased industry supply [2]. Financial Summary - Revenue projections for 2024-2026 are 14.059 billion, 17.031 billion, and 19.911 billion yuan, with growth rates of -8.4%, 21.1%, and 16.9% respectively [3]. - Net profit attributable to shareholders is forecasted to be 1.834 billion, 2.163 billion, and 2.495 billion yuan for the same period, with growth rates of -4.0%, 17.9%, and 15.3% respectively [3]. - The company is expected to maintain a PE ratio of 13, 11, and 10 for 2024, 2025, and 2026 respectively [3].