广信股份：景气低迷，业绩承压，出口迎曙光

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in H1 2024 showed a significant decline, with revenue of 2.3 billion yuan, down 39% year-on-year, and a net profit attributable to shareholders of 410 million yuan, down 60% year-on-year [2][6] - The decline in performance is primarily attributed to the ongoing downturn in the pesticide industry, with both volume and price decreasing [6] - Despite the current challenges, there are signs of improvement in export demand for pesticides, with a notable increase in export volume and value in Q2 2024 [6] - The company has a strong cash position with 11.4 billion yuan in cash assets and a low debt level, which supports its ongoing projects and future growth [6] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 2.3 billion yuan, a decrease of 39% year-on-year, and a net profit of 410 million yuan, down 60% year-on-year [2][6] - For Q2 2024, revenue was 1.1 billion yuan, down 42% year-on-year, and net profit was 190 million yuan, down 63% year-on-year [6] - The sales volume of raw materials and intermediates in Q2 2024 was approximately 180,000 tons and 137,000 tons, down 5% and 19% year-on-year, respectively [6] Market Outlook - The pesticide industry is expected to see a recovery in the medium to long term, driven by resilient end-user demand and reduced inventory levels in global distribution channels [6] - The export of pesticides has shown significant growth, with a 54% increase in export volume and a 30% increase in export value in Q2 2024 [6] Company Position - The company has a robust cash position with 11.4 billion yuan in cash assets and total borrowings of 3.1 billion yuan [6] - The successful launch of new projects, including 300,000 tons of ion membrane caustic soda and 40,000 tons of para-aminophenol, enhances the company's integrated supply chain [6] - The company is expected to continue its growth trajectory with ongoing project developments [6]