Huangma Technology(SH:603181) Guohai Securities·2024-08-22 15:30Investment Rating - The report maintains a "Buy" rating for the company [2][30]. Core Insights - The company achieved a revenue of 1.109 billion yuan in the first half of 2024, representing a year-on-year growth of 23.65%, and a net profit attributable to shareholders of 191 million yuan, up 26.98% year-on-year [2][30]. - The second quarter of 2024 saw a revenue of 577 million yuan, a year-on-year increase of 24.18% and a quarter-on-quarter increase of 8.55%, with a net profit of 103 million yuan, reflecting a year-on-year growth of 44.11% [3][30]. - The company focuses on specialty functional and polymer materials surfactants, with a steady growth in performance in the first half of 2024 [2][30]. Financial Performance Summary - In the first half of 2024, the company produced 84,600 tons of specialty functional and polymer materials surfactants, with sales of 84,200 tons and an average selling price of 13,167.85 yuan/ton, a decrease of 1.37% year-on-year [2][9]. - The average procurement price for ethylene oxide was 5,837.58 yuan/ton, up 1.91% year-on-year, while the average price for propylene oxide was 8,241.05 yuan/ton, down 6.06% year-on-year [2][9]. - The company’s operating cash flow in the first half of 2024 was 41 million yuan, a decline of 78.59% year-on-year [2][21]. Production Capacity and Future Outlook - The company has become a leading domestic producer of specialty surfactants, with two major production bases capable of producing nearly 300,000 tons annually [5][30]. - The third factory project is actively progressing, expected to produce 330,000 tons of high-end functional new materials annually, with the first phase projected to begin trial production by the end of 2025 [5][30]. - Revenue forecasts for 2024-2026 are projected at 2.348 billion, 2.762 billion, and 3.312 billion yuan, with net profits of 402 million, 472 million, and 569 million yuan respectively, indicating a positive growth trajectory [6][30].