赛特新材：主业收入显韧性，产品及应用持续多元化

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company demonstrated resilience in its main business revenue, achieving a 27.79% year-on-year increase in revenue to 452 million yuan in the first half of 2024, with a net profit attributable to shareholders of 54.16 million yuan, up 30.42% year-on-year [1]. - Despite a market demand pullback in Q2 2024, the company showed strong risk resistance capabilities, attributed to its expanded production capacity and diversified product applications [1]. - The gross margin improved to 33.47%, a year-on-year increase of 1.41 percentage points, benefiting from a decline in some raw material and energy prices [1]. Financial Performance Summary - Revenue for 2024 is projected to reach 964 million yuan, with a year-on-year growth rate of 14.7% [2]. - The net profit attributable to shareholders is expected to be 127 million yuan in 2024, reflecting a year-on-year growth of 19.9% [2]. - The company’s earnings per share (EPS) is forecasted to be 0.76 yuan in 2024, with a price-to-earnings (P/E) ratio of 16.9 times [2]. Cash Flow and Profitability - The company reported a net operating cash flow of 59.06 million yuan in the first half of 2024, a 45.52% increase year-on-year, indicating improved cash flow management [1]. - The sales net profit margin for the first half of 2024 was 11.98%, an increase of 0.24 percentage points year-on-year [1]. Market Position and Growth Potential - The vacuum insulation panel (VIP) market is expected to maintain a long-term growth trend, with the company holding a strong competitive advantage in the industry [1]. - The company is also in the early stages of mass production for new vacuum glass products, which have significant market potential [1].