Miracll(SZ:300848)2024-08-29 01:12Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its future performance [4][10]. Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 801 million yuan, a year-on-year increase of 11.34%, and a net profit of 31 million yuan, a year-on-year decrease of 39.04% [4]. - The company is expected to benefit from the upcoming production ramp-up of its Henan project, which will enhance its growth potential [4]. - The report highlights the recovery of upstream raw material costs and an improvement in profitability, with a gross margin increase to 12.82% in Q2 2024 [4]. Summary by Sections Financial Performance - In H1 2024, the company achieved an operating income of 801 million yuan, with a net profit of 31 million yuan, reflecting a year-on-year decline of 39.04% [4][5]. - Q2 2024 saw an operating income of 415 million yuan, a year-on-year increase of 3.32%, and a net profit of 19 million yuan, down 31.42% year-on-year but up 53.37% quarter-on-quarter [4]. Market Conditions - The average market price for TPU products in Q2 2024 was 15,700 yuan/ton, showing a 0.9% increase from the previous quarter [4]. - The report notes a significant reduction in inventory and credit impairment losses, which supported a net profit margin increase to 4.32% in Q2 2024 [4]. Project Developments - The Henan project is nearing production, with the first phase expected to contribute significantly to revenue, particularly from high-margin products like HDI [4]. - The company plans to invest 197 million yuan in expanding its TPU and PUD production capacity, which is anticipated to optimize its product structure and enhance its competitive edge [4]. Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted downward due to increased industry competition, with expected net profits of 166 million yuan, 366 million yuan, and 566 million yuan respectively [4][5]. - Despite the adjustments, the company is projected to achieve a compound annual growth rate of 84.7% in profits from 2024 to 2026, indicating strong future growth potential [4].