SUNHERE(SZ:300452) Guotai Junan Securities·2024-09-01 10:16Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's revenue for the first half of 2024 reached 450 million yuan, a decrease of 0.67% year-on-year, while net profit attributable to shareholders was 96 million yuan, an increase of 8.16% [3]. - The core product, cellulose, is experiencing rapid growth due to capacity release and increased demand, with expectations for performance improvement in the second half of 2024 [2][3]. - The company has successfully launched new products and is expanding its product range, which is expected to support long-term performance [2][3]. Financial Summary - Revenue and profit forecasts for 2024-2026 are as follows: EPS of 0.80 yuan in 2024, 0.94 yuan in 2025, and 1.05 yuan in 2026 [3][10]. - The target price is set at 18.15 yuan, based on a PE ratio of 23X for 2024, reflecting a premium for being a leading pharmaceutical excipient company [3][4]. - The company reported a revenue of 235 million yuan from cellulose and derivatives, a year-on-year increase of 14.85%, while starch and derivatives revenue decreased by 15.27% [3][10]. Market Performance - The current stock price is 11.07 yuan, with a 52-week price range of 10.30-15.50 yuan [4][5]. - The total market capitalization is 2.595 billion yuan, with a total share capital of 234 million shares [5]. Product Development - As of August 2024, the company has 48 products registered with the CDE, with several products achieving successful production and exceeding planned capacity utilization [3][10]. - The new plant in Huainan has started production, contributing to an expected increase of 9,000 tons in high-end excipient capacity [3][10].