SUNSTONE(603612) 中邮证券·2024-08-27 09:31Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company reported a revenue of 6.475 billion yuan for the first half of 2024, a decrease of 20.35% year-on-year, but achieved a net profit attributable to shareholders of 31 million yuan, indicating a turnaround from losses [3][4]. - The production and sales of prebaked anodes increased steadily, with export sales reaching 393,700 tons, a year-on-year growth of 33.55%, accounting for 38.77% of the national export total [3]. - The company expects to produce 3.3 million tons of prebaked anodes in 2024, with ongoing projects set to increase production capacity significantly by 2025 [3][4]. Financial Performance Summary - The company is projected to achieve revenues of 16.098 billion yuan, 20.953 billion yuan, and 24.986 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5.14%, 30.16%, and 19.25% [4][5]. - The net profit attributable to shareholders is expected to be 430.63 million yuan, 734.05 million yuan, and 1.05019 billion yuan for the same years, reflecting substantial growth rates of 159.59%, 70.46%, and 43.07% [4][5]. - The earnings per share (EPS) are projected to be 0.80 yuan, 1.36 yuan, and 1.94 yuan for 2024, 2025, and 2026, respectively [4][5]. Market Position and Outlook - The company is positioned to benefit from the recovery in prebaked anode profitability and stabilization in negative electrode prices, with ongoing projects expected to contribute to steady growth in production and sales [3][4].