中材科技：24H1核心主业价格持续回落，Q3粗纱价格开始回调

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for the first half of 2024 (24H1) was approximately 10.54 billion yuan, a year-on-year decrease of 14.86%, with a net profit attributable to shareholders of about 465 million yuan, down 66.60% year-on-year [5] - The report highlights that the prices of the company's three core businesses—glass fiber, wind turbine blades, and lithium membranes—have all declined year-on-year, impacting overall performance [5] - The forecast for net profit for the years 2024 to 2026 is adjusted to 1.165 billion yuan, 1.385 billion yuan, and 1.556 billion yuan respectively, with corresponding price-to-earnings ratios of 14.30, 12.03, and 10.71 times [5] Summary by Sections Market Performance - The company's stock has underperformed compared to the CSI 300 index, with a relative decline of 5.35% over the past month [3] Financial Performance - In Q2 2024, the company achieved revenue of approximately 6.11 billion yuan, a year-on-year decrease of 16.71%, but a quarter-on-quarter increase of 37.91% [5] - The gross profit margin for the first half of 2024 was approximately 15.37%, down 9.69 percentage points year-on-year [5] Business Segments 1. Wind Turbine Blades: - Sales volume was approximately 7.52 GW, down 21.6% year-on-year, with revenue of about 2.831 billion yuan, a decrease of 34.13% year-on-year [5] 2. Glass Fiber: - Sales volume was approximately 681,000 tons, up 7.2% year-on-year, with revenue of about 3.855 billion yuan, down 6.54% year-on-year [5] 3. Lithium Membranes: - Sales volume was approximately 810 million square meters, up 15.1% year-on-year, with revenue of 762 million yuan, down 24.43% year-on-year [6] Cost and Expenses - The company's expense ratio increased slightly to 14.21%, up 2.74 percentage points year-on-year, with specific increases in management and R&D expenses [6] Future Outlook - The report anticipates a gradual recovery in profitability levels for wind turbine blades as project construction accelerates in the second half of the year [5]