Fangda Packaging(BJ:838163) Soochow Securities·2024-08-28 06:40Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 330 million yuan in the first half of 2024, a year-on-year increase of 38.51%, and a net profit attributable to shareholders of 26.48 million yuan, up 23.32% from the previous year [2] - The release of production capacity, combined with effective market promotion, is driving revenue growth, particularly from the variable information label production project [2][3] - The domestic label market has significant growth potential, with current usage at 5.7 square meters per year compared to 10 square meters in mature markets [2] - The postal and express delivery industry is performing well, contributing to increased demand for logistics packaging products [2] Financial Performance and Forecast - The company is entering a capacity release phase in 2024, with the first batch of production lines expected to reach a capacity of 600 million square meters, significantly enhancing revenue potential [3] - The forecasted net profits for 2024-2026 are 700 million, 880 million, and 1.05 billion yuan respectively, with corresponding EPS of 0.54, 0.68, and 0.82 yuan per share [3] - The current P/E ratios based on the latest diluted EPS are projected to be 28, 22, and 18 times for 2024, 2025, and 2026 respectively [3] Market Data - The closing price of the stock is 14.99 yuan, with a market capitalization of approximately 1.93 billion yuan [5] - The company has a price-to-book ratio of 4.39 and a debt-to-asset ratio of 47.77% [6]