SD HEAD(002810) 国海证券·2024-08-23 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][34] Core Views - The company's Q2 2024 performance shows improved capacity utilization and operational performance compared to the previous quarter, with a revenue increase of 33.2% year-on-year and 14.8% quarter-on-quarter [2][3] - The company is expected to benefit from the gradual release of production capacity in the plant capsule segment and the high Qing project, leading to a clear growth path for the future [34] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 500 million yuan, a year-on-year increase of 33.2% and a quarter-on-quarter increase of 14.8%. The net profit attributable to shareholders was 70 million yuan, down 16.4% year-on-year but up 31.2% quarter-on-quarter [2][3] - For the first half of 2024, the company reported a net profit of 124 million yuan, a decrease of 21.0% year-on-year, with an overall gross margin of 26.0%, down 5.2 percentage points year-on-year [3][4] Product Segments - In H1 2024, the cellulose ether segment generated a revenue of 695 million yuan, up 25.8% year-on-year and 20.7% quarter-on-quarter, with a gross margin of 20.5%, down 8.7 percentage points year-on-year [3][4] - The plant capsule segment achieved a revenue of 155 million yuan, a year-on-year increase of 55.3% and a quarter-on-quarter increase of 6.0%, with a gross margin of 57.3%, up 4.1 percentage points year-on-year [3][4] Market Outlook - The company is actively adjusting its product mix and is expected to benefit from improving industry demand, with a total cellulose ether capacity of 69,000 tons and a planned capacity of 11,000 tons [4][5] - The company has successfully developed high-end pharmaceutical coating products and has expanded its product matrix through the acquisition of Zhongfu Heda, enhancing its competitive position in the market [5][34] Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 2.1 billion, 2.5 billion, and 2.8 billion yuan respectively, with net profits of 295 million, 426 million, and 515 million yuan, corresponding to PE ratios of 14, 9, and 8 times [34]