新化股份：1H24业绩同比提升，合成香料项目逐步放量

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [6][13]. Core Views - The company's performance in the first half of 2024 shows a year-on-year increase in revenue and net profit, driven by growth in three major business segments, particularly the synthetic flavor segment, which is gradually ramping up production [2][5]. - The financial metrics for 1H24 indicate a revenue of 1.483 billion yuan, up 17.92% year-on-year, and a net profit of 147 million yuan, up 6.70% year-on-year [1][2]. - The report highlights a significant reduction in financial expenses by 48% year-on-year, attributed to increased foreign exchange gains, while R&D expenses rose by 14.17% due to higher personnel costs and new product development [2][5]. Financial Summary - Revenue projections for 2024-2026 are 3.116 billion yuan, 3.676 billion yuan, and 4.207 billion yuan, respectively, with corresponding net profits of 343 million yuan, 470 million yuan, and 558 million yuan [6][7]. - The company's gross margin for 1H24 was 21.95%, a decrease of 1.82 percentage points compared to the same period in 2023 [2]. - The report notes a decline in cash flow from operating activities, which fell by 67.77% year-on-year, primarily due to increased cash payments for goods and services [2][8]. Business Segment Performance - The traditional segments of fatty amines and organic solvents showed steady revenue growth, with fatty amines revenue reaching 734 million yuan, up 11.14% year-on-year, and organic solvents revenue at 241 million yuan, up 6.63% year-on-year [5][6]. - The synthetic flavor segment experienced significant growth, with revenue of 374 million yuan, up 64.31% year-on-year, and production volume increasing by 71.86% [5][6]. - The company is actively expanding its capacity in the synthetic flavor segment, with ongoing projects expected to enhance production capabilities [5][6].