家联科技：公司半年报点评：24H1收入同增39%，毛利率有所恢复

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 1.067 billion yuan for the first half of 2024, representing a year-on-year increase of 38.97% [3] - The net profit attributable to the parent company for the same period was 62 million yuan, up 36.87% year-on-year, while the non-recurring net profit decreased by 10.80% [3] - The company’s gross margin for the first half of 2024 was 19.03%, an increase of 1.10 percentage points year-on-year [3] - The company is actively expanding its production capacity and has established a strong brand presence in the biodegradable products sector, recognized as a leading manufacturer in the industry [4] Financial Summary - For the second quarter of 2024, the company achieved a revenue of 568 million yuan, a year-on-year increase of 29.20%, but the net profit decreased by 31.36% [3] - The company’s revenue for 2023 was 1.721 billion yuan, with a projected increase to 2.083 billion yuan in 2024, reflecting a year-on-year growth of 21.0% [5] - The projected net profit for 2024 is 145 million yuan, which is a significant recovery from the 45 million yuan reported in 2023 [5] - The company’s gross margin is expected to stabilize around 20.2% in 2024 [7] Product Performance - In the first half of 2024, revenue from biodegradable products was 152 million yuan, a year-on-year increase of 32.63%, with a gross margin of 19.44% [4] - Revenue from plastic products reached 792 million yuan, up 37.24% year-on-year, with a gross margin of 20.96% [4] Capacity Expansion and Market Position - The company is expanding its production capacity through subsidiaries and aims to enhance its market share in biodegradable and household products [4] - The company has established a strong customer base with high brand recognition in the international market for plastic dining and household products [4] Valuation and Earnings Forecast - The net profit estimates for 2024 and 2025 have been adjusted down to 140 million yuan and 170 million yuan, respectively, with a corresponding PE ratio of 19 and 16 times [4] - The reasonable value range for the stock is estimated to be between 16.6 and 18.1 yuan per share, based on a PE ratio of 22-24 times for 2024 [4]