方盛股份：业绩短期承压，静待投产放量

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company experienced a revenue decline of 15.4% year-on-year in H1 2024, with total revenue of 156 million yuan, while net profit attributable to shareholders increased by 45.2% year-on-year to 19.96 million yuan. The revenue drop was primarily due to weak demand in the waste heat recovery sector and delays in overseas component certification testing [2][6] - In Q2 2024, the company reported a revenue of 94.41 million yuan, down 6% year-on-year but up 53.4% quarter-on-quarter, with a net profit of 11.61 million yuan, reflecting a year-on-year decline of 42.8% but a quarter-on-quarter increase of 39% [2][6] - The company is undergoing a painful transition towards high value-added products and is expected to stabilize and recover its performance with the introduction of new products and clients in the second half of the year [2][6] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 25.5%, down 7.7 percentage points year-on-year. The gross margin for Q2 2024 was 25.3%, down 6.9 percentage points year-on-year and down 0.5 percentage points quarter-on-quarter [6] - The decline in gross margin was attributed to a 7% increase in the average price of aluminum ingots compared to the same period in 2023, a decrease in demand in the high-margin waste heat recovery sector, and slight price reductions in sales to wind power clients due to cost control [6] Research and Development - The company increased its R&D expense ratio to 4.5% in H1 2024, up 1 percentage point year-on-year. It is investing in multiple fields including wind power thermal management, energy storage, data centers, and hydrogen fuel cells, laying the groundwork for the introduction of high value-added products [6] Future Projections - Revenue projections for 2024-2026 are 387 million yuan, 449 million yuan, and 526 million yuan, representing year-on-year growth rates of 12.6%, 16.1%, and 17.1% respectively. Net profit attributable to shareholders is expected to be 55 million yuan, 61 million yuan, and 68 million yuan, with growth rates of 12%, 10%, and 13% respectively [6][7]