Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company has shown significant year-on-year growth in performance, with a 67% increase in revenue and a 145.89% increase in net profit for the first half of 2024 [1][2]. - The growth is primarily driven by increased orders for molecular sieves and non-molecular sieve catalysts, with a notable 102.40% revenue increase from BASF orders [2]. - The company is actively upgrading its product offerings, particularly in mobile source denitrification molecular sieves, which are expected to enhance profitability [4]. - The company is also expanding its market presence by promoting metal catalysts and has plans to add 4-6 new customers for these products in 2024 [2]. Financial Summary - Revenue for 2024 is projected to be 816 million, with a year-on-year growth rate of 48.4% [1]. - Net profit for 2024 is expected to reach 183 million, reflecting a 138.5% increase compared to the previous year [1]. - The company's cash flow from operating activities showed a significant decline of 57.47% year-on-year, while cash and cash equivalents increased by 25.33% [2]. - The company’s financial ratios indicate a return on equity (ROE) of 6.6% for 2024, with a projected price-to-earnings (P/E) ratio of 18.9 [1][8]. Market Outlook - The market for mobile source denitrification molecular sieves is expected to grow due to stricter emissions standards in various regions, including China, North America, and Europe [4]. - The company has established strong ties with major clients, particularly BASF, which enhances its market position [4]. - The company’s investment projects are entering trial production phases, which are anticipated to contribute positively to future revenue [4].
中触媒:公司业绩同比高增,看好移动源脱硝分子筛产品升级及募投项目逐步达产