sunresin(SZ:300487)2024-08-28 03:08Investment Rating - The report maintains a "Recommended" rating for the company, Blue Sky Technology [1][2]. Core Insights - The company's revenue for the first half of 2024 reached 1.295 billion yuan, a year-on-year increase of 28.50%, with a net profit attributable to shareholders of 404 million yuan, reflecting a growth of 16.79% [1]. - The profitability of adsorption materials continues to improve, which is the core driver of performance growth. The gross margin for adsorption materials increased by 1.54 percentage points to 51.03% [1]. - The company is experiencing high growth across various sectors, including life sciences, metals, and water treatment, driven by continuous technological innovation and exploration of new application scenarios [1][2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 952 million yuan, with corresponding PE ratios of 20.20, 16.13, and 13.16 for the years 2024, 2025, and 2026 respectively [2][3]. - The company's revenue is expected to grow from 2.488 billion yuan in 2023 to 3.138 billion yuan in 2024, representing a growth rate of 29.62% [3][4]. - The gross profit margin is forecasted to improve slightly from 48.67% in 2023 to 48.96% in 2024 [3][4]. Segment Performance - The life sciences segment reported revenue of 285 million yuan in the first half of 2024, a year-on-year increase of 33%, benefiting from significant growth in GLP-1 peptide drug sales [1]. - The water treatment segment generated 323 million yuan in revenue, up 30% year-on-year, indicating strong demand in the high-end drinking water market [1]. - The metals segment saw a revenue increase of 45% to 121 million yuan, driven by high demand in the gallium and uranium markets [1][2].