当升科技：Q2盈利环比改善，积极布局固态电池正极材料

Investment Rating - Investment Rating: Buy [7] Core Views - The company reported a revenue of 3.541 billion yuan for H1 2024, a year-on-year decrease of 57.85%, and a net profit attributable to shareholders of 287 million yuan, down 69.01% year-on-year. In Q2 alone, revenue was 2.025 billion yuan, a year-on-year decline of 45.43% but an increase of 33.48% quarter-on-quarter, with a net profit of 176 million yuan, down 64.34% year-on-year but up 59.87% quarter-on-quarter [4][11] - Q2 profitability improved with operating cash flow turning positive at 608 million yuan, following two consecutive quarters of negative cash flow. The company also saw a reduction in investment cash flow losses [11] - The company is gradually releasing its lithium iron phosphate capacity and is steadily advancing its overseas expansion, with expected production capacity exceeding 112,000 tons in 2024, a year-on-year increase of over 34% [11] - The company is actively developing next-generation cathode materials, leading the commercialization of solid-state cathodes in the industry, with hundreds of tons shipped in H1 2024 [11] - Revenue forecasts for 2024-2026 are 10.14 billion, 12.16 billion, and 14.26 billion yuan, with corresponding net profits of 758 million, 907 million, and 1.107 billion yuan, reflecting a significant decline in 2024 but a recovery in subsequent years [11][12] Financial Data Summary - H1 2024 revenue: 3.541 billion yuan, down 57.85% year-on-year - Q2 2024 revenue: 2.025 billion yuan, down 45.43% year-on-year, up 33.48% quarter-on-quarter - H1 2024 net profit: 287 million yuan, down 69.01% year-on-year - Q2 2024 net profit: 176 million yuan, down 64.34% year-on-year, up 59.87% quarter-on-quarter - Expected revenue for 2024: 10.14 billion yuan, with a year-on-year growth rate of -32.96% [11][12]