EMT(601208) 海通证券·2024-08-31 09:39Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved stable revenue growth in the first half of 2024, with operating revenue reaching 2.122 billion yuan, a year-on-year increase of 16.03%. However, the net profit attributable to shareholders decreased by 27.45% to 160 million yuan [6] - The company is accelerating the construction of industrial projects, including several optical film projects and a new electronic materials project with an investment of 700 million yuan, expected to generate annual sales revenue of approximately 2 billion yuan [6][7] - The forecasted net profit for 2024-2026 is 391 million yuan, 531 million yuan, and 622 million yuan, respectively, with corresponding EPS of 0.44 yuan, 0.59 yuan, and 0.69 yuan [7] Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 2.122 billion yuan, a 16.03% increase year-on-year. The net profit attributable to shareholders was 160 million yuan, down 27.45% [6] - The revenue breakdown includes: - Electrical insulation materials: 221 million yuan - New energy materials: 717 million yuan - Optical film materials: 510 million yuan - Electronic materials: 535 million yuan - Environmental flame retardant materials: 78 million yuan [6] Project Developments - The company is advancing several projects, including: - 25,000 tons/year optical-grade polyester film project - 20,000 tons/year MLCC optical-grade polyester film technology renovation project - 3,000 tons/year ultra-thin polypropylene film project [6] - A new investment project for 20,000 tons/year of electronic materials is planned, with an expected completion period of 24 months [6] Profit Forecast and Valuation - The estimated net profits for 2024, 2025, and 2026 are 391 million yuan, 531 million yuan, and 622 million yuan, respectively, with corresponding EPS of 0.44 yuan, 0.59 yuan, and 0.69 yuan [7] - The reasonable valuation for 2024 is projected at a PE ratio of 20-25 times, corresponding to a price range of 8.80-11.00 yuan [7]