Miracll(SZ:300848) Huaan Securities·2024-09-02 05:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported a quarter-on-quarter improvement in Q2 performance, with the polyurethane integration project set to ramp up production soon [1] - The TPU market demand remains stable, with structural differences in demand across low-end and mid-to-high-end markets, leading to a competitive landscape [1] - The upcoming launch of the Henan polyurethane project is expected to significantly enhance the company's growth potential [1] Financial Performance Summary - In the first half of 2024, the company achieved revenue of 800 million yuan, a year-on-year increase of 11.34%, and a net profit attributable to shareholders of 31 million yuan, a decrease of 39.04% [1] - Q2 2024 revenue reached 415 million yuan, a year-on-year increase of 3.32% and a quarter-on-quarter increase of 7.47% [1] - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 128 million, 336 million, and 495 million yuan respectively, with year-on-year growth rates of 45.3%, 162.8%, and 47.5% [2][4] Market and Product Insights - The average price of TPU products in Q2 2024 was 15,700 yuan/ton for mobile phone cases and 16,600 yuan/ton for films, showing stable pricing trends [1] - The company plans to produce 10,000 tons of expanded TPU annually, addressing the high demand in high-end footwear materials [1] - The Henan project will have a production capacity of 100,000 tons of HDI, making it the largest single-set HDI facility globally, which is expected to lower costs and drive market growth [1]