Luxi Chemical(000830) Guoxin Securities·2024-08-29 02:15Investment Rating - The investment rating for the company is "Outperform the Market" [4][13][17] Core Views - The company reported a net profit of 600 million yuan in Q2 2024, turning from a loss to profit year-on-year, with a revenue of 7.29 billion yuan, representing a 47% year-on-year increase and an 8% quarter-on-quarter increase [1][6] - The core business segment, chemical new materials, saw both revenue and gross margin increase year-on-year, with revenue contributions from various segments being 9.51 billion yuan (68%), 2.82 billion yuan (20%), and 1.45 billion yuan (10%) respectively [1][6] - The company expects a significant increase in net profit for 2024-2026, with forecasts of 1.699 billion yuan, 1.928 billion yuan, and 2.394 billion yuan respectively, translating to earnings per share of 0.89 yuan, 1.01 yuan, and 1.25 yuan [1][13] Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved a gross profit margin of 17.6%, a year-on-year increase of 11.1 percentage points, and a net profit margin of 8.3%, a year-on-year increase of 10.9 percentage points [6] - The revenue for the first half of 2024 was 9.51 billion yuan for chemical new materials, 2.82 billion yuan for basic chemicals, and 1.45 billion yuan for fertilizers, with respective year-on-year growth rates of 43%, -16%, and 10% [1][6] Market Dynamics - The price dynamics for key products showed that the average market prices for normal butanol, isobutanol, nylon 6, and polycarbonate in Q2 2024 were 8,229 yuan, 9,822 yuan, 14,325 yuan, and 15,317 yuan per ton, with year-on-year changes of +11%, -16%, +11%, and +2% respectively [1][9] - The chemical new materials segment benefited from the widening price spread of butanol and nylon 6, while the basic chemicals segment faced weak demand and declining gross margins [1][9]