Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future growth [2][4]. Core Viewpoints - The company reported a revenue of 8.634 billion yuan in the first half of 2024, a year-on-year increase of 1.24%, but the net profit attributable to shareholders decreased by 87.66% to 43 million yuan [2]. - The company's PET production and sales showed steady growth, with production reaching 1.3886 million tons (up 8.35%) and sales at 1.3545 million tons (up 11.76%) in the first half of 2024 [2]. - The company is focusing on overseas market expansion and new product development, with significant sales growth in markets like Central Asia and Indonesia [2]. - The completion of the MEG project is expected to significantly reduce production costs and enhance competitive strength [2]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 197 million yuan, 366 million yuan, and 538 million yuan respectively, with corresponding EPS of 0.38 yuan, 0.71 yuan, and 1.04 yuan [3][5]. - The PE ratios for the years 2024, 2025, and 2026 are projected to be 26x, 14x, and 10x respectively, indicating a favorable valuation trend [3][5]. - The company’s total revenue is expected to decline to 14.311 billion yuan in 2024, before recovering to 17.159 billion yuan in 2025 and 20.590 billion yuan in 2026 [3][5].
万凯新材：2024年半年报点评：行业整体盈利承压，海外战略+新品布局打造差异化竞争