DFD(SZ:002407) Guolian Securities·2024-09-01 04:03Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "continue to pay attention" to the company [4][8]. Core Views - The company reported a revenue of 4.609 billion yuan for H1 2024, a year-on-year decrease of 12.46%, and a net profit attributable to shareholders of 70 million yuan, down 73.78% year-on-year [2][6]. - The second quarter saw a revenue of 2.480 billion yuan, a decrease of 11.21% year-on-year but an increase of 16.49% quarter-on-quarter; net profit was 31 million yuan, down 80.60% year-on-year and down 22.26% quarter-on-quarter [2][6]. - The decline in performance is attributed to intensified competition in the new energy sector, lower-than-expected demand from downstream customers, and a drop in lithium carbonate prices affecting the selling price of lithium hexafluorophosphate [7]. Summary by Sections Financial Performance - For H1 2024, the company achieved a gross margin of 9.11%, down 8.29 percentage points year-on-year; the net profit margin was 2.13%, down 4.28 percentage points year-on-year [7]. - The company’s revenue projections for 2024-2026 are 9.689 billion yuan, 11.413 billion yuan, and 13.716 billion yuan, representing year-on-year changes of -18.8%, +17.8%, and +20.2% respectively [8]. - The net profit forecasts for the same period are 144 million yuan, 285 million yuan, and 517 million yuan, with year-on-year changes of -71.8%, +98.2%, and +81.1% respectively [8]. Business Segments - The electronic materials business is progressing steadily, with an annual production capacity of 60,000 tons of electronic-grade hydrogen fluoride, including 20,000 tons for semiconductor-grade and 40,000 tons for photovoltaic-grade [8]. - The company has established stable partnerships with numerous domestic and international semiconductor companies, indicating a broad market potential [8]. - The new energy battery segment is expected to become a new profit growth point, with the company holding a 30% market share in the three-wheeled vehicle market for its 60 series cylindrical products [8]. Market Position - The company’s stock price has fluctuated between 17.32 yuan and 9.36 yuan over the past year, indicating significant volatility [4]. - The company’s market capitalization is approximately 10.782 billion yuan, with a current price of 9.98 yuan per share [4].