凯立新材：Q2盈利能力环比改善，新产品进展顺利

Investment Rating - The report maintains a "Buy-B" rating for the company [1][2][3] Core Views - The company has achieved significant breakthroughs in catalyst products, with over twenty new catalysts expected to be launched in the market by 2024, which will enhance product diversity and market reach [1] - Revenue projections for 2024 to 2026 are estimated at 20.57 billion, 24.54 billion, and 28.56 billion yuan, representing year-on-year growth of 15.2%, 19.3%, and 16.4% respectively [1][3] - The net profit attributable to the parent company is forecasted to be 1.31 billion, 1.83 billion, and 2.53 billion yuan for the same period, with growth rates of 16.0%, 39.9%, and 38.0% respectively [1][3] Financial Performance Summary - In the first half of 2024, the company reported revenue of 8.12 billion yuan, a decrease of 16.21% year-on-year, and a net profit of 0.47 billion yuan, down 48.67% year-on-year [2] - The second quarter of 2024 showed a revenue increase to 5.08 billion yuan, with a quarter-on-quarter growth of 66.49% [2] - The gross margin for the first half of 2024 was 10.37%, a decline of 4.87 percentage points year-on-year, while the net margin was 5.75%, down 3.65 percentage points year-on-year [2] Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.00, 1.40, and 1.94 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 22.7, 16.2, and 11.7 [1][3] - The return on equity (ROE) is expected to improve from 12.7% in 2024 to 18.9% by 2026 [3][6] Market Conditions - The average price of palladium in Q2 2024 was 259.92 yuan per gram, showing a quarter-on-quarter increase of 0.25%, indicating signs of recovery in the precious metals market [2] - The company’s profitability is expected to improve as precious metal prices stabilize, with a net margin of 6.95% in Q2 2024, reflecting a recovery from previous quarters [2]