苏博特：2024年半年报点评：检测、功能性材料与西部区域业务逆势增长

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 1.563 billion yuan for the first half of 2024, a year-on-year decrease of 5.86%, and a net profit attributable to shareholders of 53 million yuan, down 45.06% year-on-year [1]. - The report highlights that the company is expected to see a rebound in sales of its water-reducing agents in the second half of the year due to accelerated infrastructure work [4]. - The company has achieved growth in its functional materials and testing services, with the latter's net profit increasing by 24% year-on-year [4]. Financial Performance Summary - For the second quarter of 2024, the company achieved a revenue of 985 million yuan, a decrease of 1.04% year-on-year, and a net profit of 32 million yuan, down 43.08% year-on-year [1]. - The gross margin for Q2 2024 was 34.76%, a decline of 1.07 percentage points year-on-year [1]. - The company’s high-performance water-reducing agent revenue for Q2 2024 was 532 million yuan, down 10.7% year-on-year, while sales volume remained stable [2]. - Functional materials revenue for Q2 2024 was 167 million yuan, an increase of 34.3% year-on-year, with sales volume up 30.4% [3]. - The technical services business generated revenue of 366 million yuan in the first half of 2024, reflecting a year-on-year increase of 5.5% [4]. Profit Forecasts - The company’s net profit forecasts for 2024, 2025, and 2026 are 151 million yuan, 182 million yuan, and 209 million yuan, respectively, with corresponding PE ratios of 22, 18, and 16 [4][5].