Senior(SZ:300568) Soochow Securities·2024-08-29 01:09Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 1.65 billion yuan, a year-on-year increase of 22%, and a net profit of 240 million yuan, a decrease of 36% [3] - The company expects to maintain a high growth rate of nearly 60% in shipments for 2024, with an estimated total shipment of over 4 billion square meters [3][4] - The average price per square meter decreased by approximately 15% compared to 2023, with a projected net profit of over 0.1 yuan per square meter for 2024 [3][4] Summary by Sections Financial Performance - In 2024 H1, the company achieved a revenue of 1.65 billion yuan, with a gross margin of 31.5%, down 14.3 percentage points year-on-year [3] - The company’s Q2 revenue was 940 million yuan, with a quarter-on-quarter increase of 36% and a year-on-year increase of 31% [3] - The company’s total revenue forecast for 2024 is 3.964 billion yuan, representing a year-on-year growth of 31.57% [2] Profitability Forecast - The forecast for net profit attributable to shareholders for 2024 is adjusted to 576 million yuan, reflecting a slight decrease of 0.02% year-on-year [4] - The projected earnings per share (EPS) for 2024 is 0.43 yuan, with a price-to-earnings (P/E) ratio of 16.46 [2][4] Market Position and Strategy - The company’s membrane revenue in 2024 H1 was 1.63 billion yuan, with a gross margin of 31%, and overseas revenue accounted for 14% of total revenue [3] - The company is expected to increase its market share in the wet process to over 50% by 2024 [3] Cash Flow and Capital Expenditure - The operating cash flow for 2024 H1 was 230 million yuan, a decrease of 201% year-on-year, with capital expenditures of 1.92 billion yuan, an increase of 16% [4][10]