First(SH:603806) Tebon Securities·2024-08-28 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company maintains its leading position in the photovoltaic film market, with its material business continuing to grow [1][4] - In H1 2024, the company achieved operating revenue of 10.764 billion yuan, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 928 million yuan, up 4.95% from the same period last year [4][5] - The company's photovoltaic film sales volume reached 1.389 billion square meters, a year-on-year increase of 43.61%, while revenue from this segment was 9.879 billion yuan, up 3.79% [4][5] Financial Performance - The company reported a quarterly revenue of 5.321 billion yuan in Q1 and 5.442 billion yuan in Q2 of 2024 [4] - The electronic materials business also showed growth, with sales volume of photosensitive dry film reaching 7.4 million square meters, a year-on-year increase of 35.83%, and revenue of 275 million yuan, up 26.92% [4][5] - The aluminum-plastic film business is entering a sales ramp-up phase, with sales volume of 5.606 million square meters, a year-on-year increase of 35.54%, and revenue of 5.9 million yuan, up 26.52% [5] Future Outlook - The company is expected to achieve net profits of 1.942 billion yuan, 2.660 billion yuan, and 3.032 billion yuan for the years 2024, 2025, and 2026 respectively [6][7] - The current stock price corresponds to a price-to-earnings ratio (PE) of 19.72, 14.40, and 12.63 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation [6][7]