Putailai(SH:603659) Huachuang Securities·2024-08-26 13:40Investment Rating - Strong Buy (Maintained) with a target price of 15.18 RMB, current price at 10.95 RMB [1] Core Views - The company's overall performance is stabilizing, with some businesses still growing [1] - The pressure on the anode material business has eased, with significant improvements in inventory and production costs [1] - The company is accelerating its global layout, expanding capacity and markets simultaneously [1] - Business synergy and new product innovation are driving growth, with new products like fast-charging anode materials and ultra-fine alumina meeting market demands [1] Financial Performance - H1 2024 revenue: 6.332 billion RMB, down 18.89% YoY [1] - H1 2024 net profit attributable to shareholders: 858 million RMB, down 34.24% YoY [1] - Q2 2024 revenue: 3.297 billion RMB, up 8.67% QoQ [1] - Q2 2024 net profit attributable to shareholders: 413 million RMB, up 7.14% QoQ [1] Business Highlights - Anode material shipments in H1 2024: 67,000 tons [1] - Coating separator processing volume in H1 2024: 2.913 billion square meters, accounting for 41.03% of domestic wet separator shipments [1] - PVDF cumulative sales in H1 2024: 9,000 tons, up 115.94% YoY [1] - The company is expanding its European market, with new production lines in Sichuan Zhichen and Sichuan Zhuobin expected to come online in H2 2024 [1] Future Projections - Expected net profit attributable to shareholders for 2024-2026: 1.808 billion RMB, 2.163 billion RMB, and 2.664 billion RMB, respectively [1] - Corresponding EPS for 2024-2026: 0.85 RMB, 1.04 RMB, and 1.29 RMB, respectively [1] - Current market valuation corresponds to a PE ratio of 13x, 11x, and 9x for 2024-2026 [1] Market Position - The company maintains a leading position in the domestic wet separator market [1] - It is actively expanding its presence in international markets, particularly in Europe, North America, and Southeast Asia [1] New Product Development - The company has developed fast-charging anode materials that meet 6C performance requirements [1] - It has also mass-produced new ceramic materials like ultra-fine alumina and boehmite, expanding their applications in cathode and copper-clad laminate fields [1] - The company is improving composite copper foil products, with small-scale shipments expected in the consumer sector in H2 2024 [1]