Fangda Packaging(BJ:838163) KAIYUAN SECURITIES·2024-08-27 14:48Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][3]. Core Views - The company achieved a net profit of 27.93 million yuan in H1 2024, representing a year-on-year increase of 30.07%. Revenue reached 329.77 million yuan, up 38.51% year-on-year, with non-dry adhesive materials revenue soaring by 248.40% [3]. - Despite a slight decline in gross margin for new non-dry adhesive products and ongoing installation of new production lines, the company continues to expand its production capacity and sales, particularly in the North American market [3][4]. - The company is focusing on promoting non-dry adhesive materials, with plans to establish joint processing plants in Canada and the United States to deepen its market presence in North America [4][5]. Financial Summary - The company forecasts net profits for 2024-2026 to be 62 million yuan, 79 million yuan, and 91 million yuan respectively, with corresponding EPS of 0.48 yuan, 0.61 yuan, and 0.71 yuan [3][8]. - The current price-to-earnings (P/E) ratios are projected at 31.3, 24.6, and 21.2 for the years 2024, 2025, and 2026 respectively [3][8]. - The company’s total market capitalization is 1.929 billion yuan, with a circulating market capitalization of 920 million yuan [1].