HLGF(600346) 天风证券·2024-08-23 10:00Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% relative to the market index over the next six months [3][9]. Core Views - The company achieved a net profit attributable to shareholders of 4.018 billion yuan in the first half of 2024, representing a year-on-year increase of 31.77% [3]. - The company's revenue for the same period was 112.539 billion yuan, up 2.84% year-on-year, with a non-recurring net profit of 3.542 billion yuan, reflecting a significant increase of 55.69% [3]. - The company is benefiting from a decline in coal prices, which has positively impacted its production costs despite a temporary reduction in output due to maintenance activities [4]. Financial Data and Valuation - Revenue projections for the company are as follows: 234.87 billion yuan in 2023, 263.05 billion yuan in 2024, 289.36 billion yuan in 2025, and 303.82 billion yuan in 2026, with growth rates of 5.62%, 12.00%, 10.00%, and 5.00% respectively [2]. - The EBITDA for 2024 is estimated at 29.41 billion yuan, with a projected net profit of 9.46 billion yuan, indicating a growth rate of 37.03% [2]. - The company's earnings per share (EPS) is expected to increase from 0.98 yuan in 2023 to 1.34 yuan in 2024, with a price-to-earnings (P/E) ratio decreasing from 13.55 to 9.89 [2]. Operational Insights - The company is undergoing a significant expansion in its new materials segment, with a high-performance resin and new materials project expected to be fully operational by the second half of 2024 [6]. - The company has completed a cash dividend distribution of 0.55 yuan per share for 2023, totaling 3.871 billion yuan, with a payout ratio of 56.07% [5]. - The company is focused on balancing operational growth and shareholder returns, aiming for a sustainable value return mechanism [5].