江瀚新材：24Q2环比实现增长，公司产销量规模创新高

Investment Rating - The report maintains a "Buy" investment rating for Jianghan New Materials [3] Core Views - Jianghan New Materials reported a revenue of 1.174 billion yuan for the first half of 2024, a slight decrease of 0.3% year-on-year, with a net profit attributable to shareholders of 312 million yuan, down 16.7% year-on-year [1] - The company achieved record high production and sales volumes for functional silane products in Q2 2024, with production of 30,400 tons and sales of 30,600 tons, representing year-on-year increases of 21.1% and 21.8% respectively [1] - The company is investing 1 billion yuan in a comprehensive silane new materials project, which is expected to reach an annual production capacity of 182,000 tons by the end of 2026, aligning with both scale expansion and green development [2] Financial Performance - In Q2 2024, the company achieved a gross profit of 198 million yuan, with a gross margin of 33.7%, reflecting a year-on-year decrease of 9.3% [2] - The company’s domestic and overseas gross margins for the first half of 2024 were 28.6% and 38.1% respectively [2] - The report projects net profits for 2024, 2025, and 2026 to be 650 million, 750 million, and 830 million yuan respectively, adjusting previous estimates downwards [2] Market Position - Jianghan New Materials holds a significant market share in both domestic and international markets for functional silane products, with a complete green cycle industrial chain comprising over 100 varieties [2] - The report indicates that the current prices of mainstream functional silane products have dropped to low levels not seen since the second half of 2022, suggesting that the industry is at a bottom phase [1]