Valiant(SZ:002643) Guohai Securities·2024-08-27 14:05Investment Rating - The report maintains a "Buy" rating for Wanrun Co., Ltd. [2] Core Insights - In the first half of 2024, Wanrun Co., Ltd. reported a revenue of 1.956 billion yuan, a year-on-year decrease of 5.66%, and a net profit attributable to shareholders of 215 million yuan, down 44.71% year-on-year [2][3] - The company is actively advancing new material projects, including the development of PEEK and other products, which are expected to drive future growth [6][19] - The report forecasts revenues of 4.567 billion yuan, 5.021 billion yuan, and 5.919 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 553 million yuan, 782 million yuan, and 1.117 billion yuan [19][22] Financial Performance Summary - For Q2 2024, the company achieved a revenue of 1.018 billion yuan, a year-on-year decrease of 2.15% but an increase of 8.59% quarter-on-quarter [2] - The gross profit margin for Q2 2024 was 39.04%, down 2.90 percentage points year-on-year [2][8] - The net profit for Q2 2024 was 117 million yuan, a year-on-year decrease of 45.04% but an increase of 18.95% quarter-on-quarter [2][4] Segment Performance - Functional materials generated a revenue of 1.624 billion yuan in the first half of 2024, with a gross margin of 40.67%, down 2.19 percentage points year-on-year [2][8] - Pharmaceutical materials revenue was 311 million yuan, down 38.53% year-on-year, with a gross margin of 37.20% [3][8] - Other business segments reported a revenue of 21 million yuan, down 18.97% year-on-year, with a gross margin of 52.93% [3][8] Research and Development - The company has initiated several R&D projects, including a new production base for optical materials and the development of various electronic materials [6][19] - R&D expenses for Q2 2024 increased to 114 million yuan, reflecting the company's commitment to innovation [4][17] Market Performance - As of August 26, 2024, Wanrun Co., Ltd. has underperformed relative to the CSI 300 index, with a 1-month decline of 8.7%, a 3-month decline of 25.9%, and a 12-month decline of 50.2% [2][8]