CCTC(SZ:300408) Tebon Securities·2024-08-31 11:01Investment Rating - The report maintains a "Buy" rating for Sanhuan Group (300408.SZ) [2] Core Views - The company reported significant growth in its 2024 semi-annual results, with revenue reaching 3.427 billion yuan, a year-on-year increase of 30.36%, and net profit attributable to shareholders of 1.026 billion yuan, up 40.26% [4] - The recovery in market demand and improved gross margins are highlighted, with Q2 2024 revenue hitting a record high of 1.864 billion yuan, a 29.42% increase year-on-year [5] - The company's MLCC (Multi-layer Ceramic Capacitor) products are expected to drive a new round of growth, supported by advancements in technology and a broadening application in various sectors [5] Summary by Sections Market Performance - The stock has shown a relative performance against the CSI 300 index, with a notable decline of 34% as of August 2023 [3] Financial Performance - For the first half of 2024, the company achieved a gross margin of 41.90% and a net profit margin of 29.95%, both showing improvements compared to the previous year [4] - The company’s revenue projections for 2024 to 2026 are estimated at 7.168 billion yuan, 8.803 billion yuan, and 10.231 billion yuan respectively, with net profits expected to reach 1.964 billion yuan, 2.467 billion yuan, and 2.980 billion yuan [5][8] Product Development - The company has made significant advancements in MLCC technology, achieving breakthroughs in powder particle size, dielectric layer thickness, and multi-layer technology [5] - The revenue from electronic components and materials for the first half of 2024 was 1.444 billion yuan, a 56.71% increase year-on-year, with a gross margin of approximately 39.82% [5] Strategic Initiatives - The company is focusing on R&D investments, which increased by 13.03% year-on-year, to support the development of new products like solid oxide fuel cells (SOFC) [5] - The establishment of R&D centers in Southwest and East China is aimed at enhancing innovation and addressing key technological challenges in electronic components [5]