First(SH:603806) Huajin Securities·2024-08-27 11:43Investment Rating - The report maintains a "Buy - A" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [1]. Core Insights - The company reported a revenue of 10.76 billion yuan for the first half of 2024, a year-on-year increase of 1.4%, with a net profit attributable to shareholders of 930 million yuan, up 4.9% year-on-year [1]. - The photovoltaic film sector demonstrates strong cost control capabilities and significant overseas resource advantages, with sales volume reaching 138.91 million square meters, a growth of 43.61% year-on-year [1]. - The electronic materials business is entering a high-growth phase, with sales of photosensitive dry film increasing by 35.83% year-on-year, generating revenue of 275.37 million yuan, a rise of 26.92% [1]. - The company is experiencing a sales ramp-up in functional film materials, with aluminum-plastic film sales volume increasing by 35.54% year-on-year, contributing 58.90 million yuan in revenue, up 26.52% [1]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 10.76 billion yuan, a 1.4% increase from the previous year, and a net profit of 930 million yuan, reflecting a 4.9% growth [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 1.932 billion, 2.412 billion, and 2.899 billion yuan respectively, with corresponding EPS of 0.74, 0.92, and 1.11 yuan per share [1][3]. Market Position - The company has improved its global market share in the photovoltaic film sector, maintaining relatively stable profitability despite industry challenges [1]. - The electronic materials segment has established a customer base that includes well-known industry players, indicating strong market penetration [1]. Future Outlook - The report anticipates a decline in film prices, leading to a downward adjustment in profit forecasts, yet maintains a positive long-term growth outlook for the company [1]. - The company is expected to enhance its industry ranking through capacity expansion and customer development in the functional film materials segment [1].