sunresin(SZ:300487) Guohai Securities·2024-08-28 10:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable revenue growth, achieving operating revenue of 1.29 billion yuan in H1 2024, a year-on-year increase of 28.5%. The net profit attributable to shareholders reached 400 million yuan, up 16.8% year-on-year [4][5] - The core driver of the company's performance is the adsorption materials segment, with significant contributions from water treatment, life sciences, and metal resources, which generated revenues of 320 million, 280 million, and 120 million yuan respectively, reflecting year-on-year growth rates of 30%, 33%, and 45% [4][5] - The company is committed to an internationalization strategy, with overseas sales revenue reaching 352 million yuan in H1 2024, a substantial increase of 56% year-on-year, covering markets in North America, Europe, Asia, South America, and Africa [4][5] Financial Performance Summary - In Q2 2024, the company achieved operating revenue of 660 million yuan, a year-on-year increase of 31.0% and a quarter-on-quarter increase of 5.2%. The net profit attributable to shareholders was 240 million yuan, up 10.8% year-on-year and 38.9% quarter-on-quarter [4][5] - The sales gross margin for Q2 2024 was 49.4%, an increase of 1.3 percentage points year-on-year and 4.0 percentage points quarter-on-quarter, while the net profit margin was 36.0%, down 6.1 percentage points year-on-year but up 8.8 percentage points quarter-on-quarter [4][5] - The company’s financial forecasts for 2024-2026 project operating revenues of 3.056 billion, 3.706 billion, and 4.502 billion yuan, with net profits of 965 million, 1.183 billion, and 1.447 billion yuan respectively, corresponding to P/E ratios of 21, 17, and 14 times [7][8]