EMT(SH:601208) INDUSTRIAL SECURITIES·2024-08-27 10:15Investment Rating - The report maintains a "Buy" rating for the company based on its continuous technological innovation and active capital expenditure, which are expected to optimize the product structure [2]. Core Insights - The company is projected to achieve a net profit of CNY 420 million, CNY 539 million, and CNY 680 million for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 13.4, 10.4, and 8.3 times based on the closing price on August 23, 2024 [2]. - The company is expanding its production capacity for electronic materials used in high-speed communication substrates, which is expected to enhance its competitive edge in the market [5]. Financial Summary - In the first half of 2024, the company reported revenue of CNY 2.122 billion, a year-on-year increase of 16.03%, and a net profit attributable to shareholders of CNY 160 million, a decrease of 27.45% [4]. - The company’s revenue for Q2 2024 was CNY 1.202 billion, reflecting a year-on-year growth of 23.79% and a quarter-on-quarter increase of 30.51% [4]. - The sales volume of new energy materials reached 38,700 tons in the first half of 2024, with revenue of CNY 717 million, marking an 8.88% year-on-year increase [4]. - The gross profit margin for new energy materials was 18.33%, down 5.34 percentage points from the previous year [4]. - The company’s total assets are reported at CNY 10,427.04 million, with net assets of CNY 4,530.45 million [1].