EMT(SH:601208)2024-08-23 07:10Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Views - The company has shown steady recovery in its performance for Q2 2024, with revenue reaching 2.12 billion yuan, a year-on-year increase of 16%. However, the net profit attributable to shareholders decreased by 27% to 160 million yuan [5]. - The company is focusing on optimizing its product structure, particularly in electronic materials and optical film materials, which are expected to see improved performance in the future [5][6]. - The report highlights the company's strategic investment in expanding its production capacity for high-frequency and high-speed resin products, which are in demand due to industry trends [5]. Summary by Sections Market Data - Closing price: 6.44 yuan - Market capitalization: 5,775 million yuan - Price-to-book ratio: 1.3 - Dividend yield: 2.33% [2]. Financial Performance - For Q2 2024, the company achieved a revenue of 1.20 billion yuan, a year-on-year increase of 24% and a quarter-on-quarter increase of 31%. The gross margin was 16.12% [5]. - The company reported a total revenue of 21.22 billion yuan for the first half of 2024, with a gross margin of 14.6% and a projected net profit of 390 million yuan for 2024 [6][8]. Product Segments - Electronic materials segment saw a sales volume of 28,900 tons in H1 2024, with revenue of 535 million yuan, reflecting a year-on-year growth of 34% [5]. - Optical film materials segment reported a sales volume of 43,900 tons in H1 2024, with revenue of 510 million yuan, indicating a year-on-year increase of 9% [5]. Future Projections - The company expects to achieve a net profit of 390 million yuan in 2024, with a growth rate of 18.6% compared to the previous year. The projected earnings per share for 2024 is 0.43 yuan [6][8]. - The report anticipates a gradual improvement in profitability for the company's resin products, although challenges remain in the photovoltaic backsheet film segment [5].