Huangma Technology(SH:603181) Great Wall Securities·2024-08-28 10:18Investment Rating - The report maintains a "Buy" rating for the company [1][4][13] Core Views - The company's revenue for the first half of 2024 reached 1.109 billion yuan, a year-on-year increase of 23.65%, with a net profit attributable to shareholders of 191 million yuan, up 26.98% year-on-year [1][2] - The company is focusing on strategic emerging sectors, particularly high-end functional electronic chemicals and functional new material resins, which are expected to drive future growth [2][4] - The construction of the Kaimeike factory is progressing steadily, with significant production capacity expected to contribute to revenue growth [4][2] Financial Summary - Revenue (million yuan): 2022A: 2,182; 2023A: 1,894; 2024E: 2,283; 2025E: 2,762; 2026E: 3,296 [1][8] - Net profit (million yuan): 2022A: 477; 2023A: 325; 2024E: 402; 2025E: 483; 2026E: 582 [1][8] - EPS (yuan): 2022A: 0.81; 2023A: 0.55; 2024E: 0.68; 2025E: 0.82; 2026E: 0.99 [1][8] - The company expects revenue growth rates of 20.5%, 21.0%, and 19.3% for 2024, 2025, and 2026 respectively [4][2] Operational Insights - The company has ceased production of its major water-reducing agent products and is shifting focus to strategic emerging products [2][4] - In the first half of 2024, the sales volume of specialty functional and polymer material surfactants was 84,186.17 tons, with an average price of 13,167.85 yuan/ton, reflecting a slight year-on-year decline of 1.37% [2][4] - The company has multiple ongoing construction projects, including a high-end surface functional new materials project with an annual capacity of 30,000 tons [4][2]