Hanvo Safety(300952) 天风证券·2024-09-01 10:05Investment Rating - The report maintains a "Buy" rating for the company with a 6-month outlook [2] Core Views - The company's revenue for 24Q2 increased by 8% YoY to 300 million, while net profit attributable to the parent company decreased by 9% YoY to 30 million [2] - For 24H1, revenue grew by 17% YoY to 500 million, with net profit attributable to the parent company also increasing by 17% YoY to 50 million [2] - The company is accelerating the construction of its new material projects, with a full-load capacity of 3,000 tons for ultra-high molecular weight polyethylene fiber [3] - The company is advancing the construction of its industrial park, with the first phase of the project already completed and the second phase progressing as planned [4] Financial Performance - 24H1 revenue breakdown: functional safety gloves contributed 500 million, up 18% YoY, while ultra-high molecular weight polyethylene fiber and other composite materials contributed 10 million, down 30% YoY [2] - Gross margin for 24H1 was 24.8%, up 2.7 percentage points YoY, with functional safety gloves contributing a gross margin of 24.9%, up 7 percentage points YoY [2] - Net profit margin for 24H1 was 9.6%, remaining flat YoY [2] Project Development - The company is focusing on the development of ultra-fiber new materials and functional safety protection products, with a full-load capacity of 3,000 tons for ultra-high molecular weight polyethylene fiber [3] - The first phase of the industrial park project, with an annual production capacity of 72 million dozen functional safety gloves, has been completed, and the second phase is progressing as planned [4] Financial Forecast - Adjusted profit forecast for 24-26 years: net profit attributable to the parent company is expected to be 140 million, 190 million, and 260 million, respectively [5] - PE ratios for 24-26 years are projected to be 18X, 13X, and 10X, respectively [5] Market and Sales - Revenue breakdown by region for 24H1: overseas revenue was 460 million, up 29% YoY, while domestic revenue was 50 million, down 39% YoY [2] - The company is building a comprehensive domestic and international sales system [5]