新宙邦：二季度业绩环比大增，有机氟成长趋势未变

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a significant quarter-on-quarter increase in Q2 2024, with revenue reaching 2.07 billion yuan, a year-on-year increase of 15.8% and a quarter-on-quarter increase of 36.4% [1] - The organic fluorine segment faced temporary pressure, but the growth trend for second and third-generation products remains positive [1] - The company is expected to see a gradual increase in production capacity for key products, particularly in the organic fluorine sector, as new projects come online [1] Financial Performance Summary - For H1 2024, the company achieved revenue of 3.58 billion yuan, a year-on-year increase of 4.4%, while net profit attributable to shareholders was 416 million yuan, a year-on-year decrease of 19.5% [1] - The organic fluorine chemical segment generated revenue of 710 million yuan in H1 2024, a year-on-year decrease of 4.7% [1] - The capacitor chemicals segment saw revenue of 365 million yuan, a year-on-year increase of 20.1%, with a gross margin of 40.5% [1] - The battery chemicals segment reported a production volume of 157,000 tons, a year-on-year increase of 87%, with revenue of 2.29 billion yuan, a year-on-year increase of 4.4% [1] Future Earnings Projections - The company is projected to achieve net profits of 1.08 billion yuan, 1.60 billion yuan, and 2.24 billion yuan for the years 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 21.9, 14.7, and 10.5 times [1][2]