广信股份：业绩符合预期，整体经营稳定

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][8]. Core Views - The company's revenue for the first half of 2024 was 2.287 billion RMB, a year-on-year decrease of 39.37%, with a net profit attributable to shareholders of 412 million RMB, down 59.71% [1]. - In Q2 2024, the company achieved a revenue of 1.072 billion RMB, reflecting a 41.95% decline year-on-year, and a net profit of 187 million RMB, down 62.72% [1]. - The report highlights that product prices are currently at historically low levels, with raw material prices showing some decline [1]. - The company plans to continue developing new products around the phosgene industry chain to drive revenue and profit growth [1]. Summary by Sections Financial Performance - The company's revenue for 2024 is projected to be 4.145 billion RMB, with a growth rate of -29.35% [4]. - The net profit for 2024 is estimated at 795 million RMB, reflecting a -44.77% growth rate [4]. - The diluted earnings per share (EPS) for 2024 is forecasted at 0.873 RMB [4]. Business Segments - In Q2 2024, the raw material business generated 517 million RMB in revenue, with a price of 28,800 RMB/ton, down 30.05% year-on-year [1]. - The fine chemical products segment reported revenue of 457 million RMB, with a price of 3,339 RMB/ton, down 7.17% year-on-year [1]. Price Trends - Key products such as methyl thiophanate and glyphosate are priced at 38,000 RMB/ton and 25,000 RMB/ton respectively, with prices remaining stable [1]. - The report notes that the prices of nitrochlorobenzene and ortho-nitrochlorobenzene are at relatively low historical levels [1]. Profitability Metrics - The projected net profit for 2025 and 2026 is 1.005 billion RMB and 1.164 billion RMB respectively, with corresponding EPS of 1.104 RMB and 1.278 RMB [2][4]. - The company's price-to-earnings (P/E) ratio for 2024 is estimated at 12.06X, which is expected to decrease to 8.24X by 2026 [2].