SUNSTONE(SH:603612) Guoxin Securities·2024-08-22 00:31Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][11] Core Views - The company's revenue for the first half of the year was 6.475 billion yuan, a year-on-year decrease of 20.35%, but it achieved a net profit attributable to shareholders of 31.35 million yuan, marking a turnaround from losses [2][6] - The production capacity of prebaked anodes has increased to 3.16 million tons, with production reaching 1.5687 million tons, up 7.75% year-on-year, and sales of 1.539 million tons, up 8.31% year-on-year [2][6] - The lithium battery anode production reached 23,200 tons, a year-on-year increase of 80.07%, with sales of 20,000 tons, up 111.75% year-on-year [2][6] - The company is actively advancing new projects, including a 300,000-ton aluminum carbon material project and a 1 million-ton calcined coke project [2][10] Financial Data Summary - As of the first half of the year, the company's asset-liability ratio was 59.78%, with cash and cash equivalents of approximately 3.524 billion yuan, up 58.44% year-on-year, and inventory of about 2.778 billion yuan, down 5.63% year-on-year [2][8] - The company has revised its profit forecast due to slightly lower-than-expected recovery in the prebaked anode industry, with projected revenues for 2024-2026 at 13.956 billion, 18.971 billion, and 23.850 billion yuan, respectively [2][11] - The expected net profits for the same period are 419 million, 921 million, and 1.180 billion yuan, with corresponding year-on-year growth rates of 258.0%, 119.7%, and 28.1% [2][11]