CCEM(SZ:300655) KAIYUAN SECURITIES·2024-08-31 03:10Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown a recovery in performance in Q2 2024, with main product sales increasing. The revenue for H1 2024 reached 694 million yuan, a year-on-year increase of 10.46%. However, the net profit attributable to shareholders was a loss of 5 million yuan, a decrease of 16 million yuan year-on-year [3][4] - The growth in revenue is attributed to technological advancements and increased production capacity, with nearly one million tons of capacity established across various product categories [3] - The company is expected to achieve net profits of 91 million yuan, 111 million yuan, and 134 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 75.8, 61.9, and 51.4 [3] Financial Performance Summary - In H1 2024, the company achieved revenue of 368 million yuan from high-purity wet chemicals, a year-on-year increase of 2.83%. The sales of high-purity hydrogen peroxide and high-purity ammonia saw significant growth, with respective increases of 9.48% and 126.06% [4] - The company’s R&D expenses for H1 2024 were 51 million yuan, a year-on-year increase of 70.62%, indicating a strong commitment to innovation [5] - The financial forecast indicates a recovery trajectory with expected revenues of 1.396 billion yuan in 2024, 1.502 billion yuan in 2025, and 1.608 billion yuan in 2026, reflecting a year-on-year growth of 7.5%, 7.6%, and 7.0% respectively [6][7]