sunresin(300487) 中国银河·2024-08-28 06:03Investment Rating - The report maintains a "Recommended" rating for the company, Blue Sky Technology [1][2]. Core Views - 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 positioned as a leader in specialized adsorption materials, with significant growth potential in emerging fields such as life sciences, semiconductors, and new energy [2]. Financial Performance Summary - In the first half of 2024, the company achieved a net profit of 404 million yuan, with a return on equity (ROE) of 11.11%, a slight decrease of 0.55 percentage points year-on-year [1]. - The company's revenue from adsorption materials was 974 million yuan, accounting for 82% of total revenue, with a year-on-year growth of 32.84% [1]. - The financial forecast indicates that the company's net profit attributable to shareholders is expected to reach 952 million yuan, 1.192 billion yuan, and 1.462 billion yuan for 2024, 2025, and 2026, respectively [2][3]. Segment Performance - Life Sciences: Revenue in the first half of 2024 was 285 million yuan, a year-on-year increase of 33%, driven by significant growth in the sales of GLP-1 peptide drugs [1]. - Water Treatment: Revenue reached 323 million yuan, a 30% increase year-on-year, indicating strong market potential in high-end drinking water [1]. - Metal and Lithium Extraction: The metal segment's revenue was 121 million yuan, up 45% year-on-year, benefiting from high demand in the gallium and uranium markets [1][2].