东材科技：2季度出现盈利拐点，看好后续成长

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a revenue of 2.122 billion RMB in the first half of 2024, representing a year-on-year increase of 16.03%. However, the net profit attributable to shareholders decreased by 27.45% to 160 million RMB [2]. - In Q2 2024, the company reported a revenue of 1.202 billion RMB, up 23.79% year-on-year and 30.51% quarter-on-quarter, with a net profit of 109 million RMB, down 27.08% year-on-year but up 115.11% quarter-on-quarter [2]. - The company plans to invest 700 million RMB to build 20,000 tons of electronic materials for high-speed communication substrates, which is expected to enhance performance amid growing demand for high-performance copper-clad laminates [2]. Summary by Sections Financial Performance - The company reported a revenue of 3.737 billion RMB in 2023, with a growth rate of 2.67%. The projected revenues for 2024, 2025, and 2026 are 4.536 billion RMB, 5.491 billion RMB, and 6.366 billion RMB, respectively, with growth rates of 21.36%, 21.06%, and 15.93% [5]. - The net profit attributable to shareholders for 2023 was 329 million RMB, with projections of 361 million RMB, 503 million RMB, and 657 million RMB for 2024, 2025, and 2026, respectively [5]. - The diluted earnings per share (EPS) for 2023 was 0.358 RMB, with projections of 0.402 RMB, 0.561 RMB, and 0.733 RMB for the next three years [5]. Cost and Expense Management - The company reported a decrease in sales expenses by 7.25% to 24.09 million RMB and a significant reduction in management expenses by 32.80% to 39.07 million RMB [2]. - Research and development expenses decreased by 23.29% to 84.43 million RMB, while financial expenses increased by 58.73% to 42.75 million RMB [2]. Business Segments - The electrical insulation materials segment achieved a revenue of 132 million RMB in Q2 2024, up 48.13% quarter-on-quarter, while the new energy materials segment reported a revenue of 383 million RMB, up 14.94% [2]. - The optical film materials segment generated a revenue of 300 million RMB, up 42.69% quarter-on-quarter, and the electronic materials segment reported a revenue of 308 million RMB, up 35.01% [2]. Future Outlook - The company expects to see a recovery in performance and growth in high-end products, supported by the planned investment in electronic materials for high-speed communication [2][3].