英科再生：Q2营收同比+30%，装饰建材营收大幅提高

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - In H1 2024, the company achieved revenue of 1.435 billion yuan, a year-on-year increase of 26.5%, and a net profit attributable to shareholders of 155 million yuan, up 30.75% year-on-year. However, in Q2 2024, revenue was 801 million yuan, a year-on-year increase of 29.8%, while net profit decreased by 22.6% to 82.85 million yuan [1][4]. - The company has been expanding its recycling and marketing channels globally, leveraging over 20 years of experience in the renewable plastics sector. In Q2 2024, the company reported record revenue of 801 million yuan, a quarter-on-quarter increase of 26.6 [4]. - The company is currently constructing its second phase project in Vietnam, with a total investment of approximately 60 million USD, expected to enhance production capacity significantly upon completion [4]. Financial Summary - For 2024-2026, the company is projected to generate revenues of 2.77 billion yuan, 3.12 billion yuan, and 3.54 billion yuan, with growth rates of 12.8%, 12.6%, and 13.5% respectively. Net profits are expected to be 266 million yuan, 316 million yuan, and 370 million yuan, with growth rates of 35.7%, 19.0%, and 17.1% respectively [4][6]. - The company’s gross margin is expected to improve from 25.7% in 2023 to 29.0% by 2026, indicating a positive trend in profitability [7][9]. - The company’s total assets are projected to grow from 4.017 billion yuan in 2023 to 5.018 billion yuan in 2026, reflecting a solid growth trajectory [9].