Huangma Technology(SH:603181) Tai Ping Yang·2024-09-03 00:03Investment Rating - The report maintains a "Buy" rating for the company, Huamao Technology (603181) [1][2][7] Core Views - The company has shown initial success in product structure adjustments, leading to rapid growth in strategic emerging sectors. In the first half of 2024, the company achieved operating revenue of 1.109 billion yuan, a year-on-year increase of 23.65%, and a net profit attributable to shareholders of 191 million yuan, up 26.98% year-on-year [2][5] - The strategic shift from traditional "large varieties" to focusing on "small varieties" has resulted in improved revenue and profitability. In Q2 2024, the company reported operating revenue of 577 million yuan, a year-on-year increase of 24.18%, and a net profit of 103 million yuan, up 44.11% year-on-year [2][5] - New projects and products are expected to support the company's continuous growth. As of June 30, 2024, several new projects are in progress, including a 0.9 million-ton polyether amine technical transformation project and a 200-ton polyimide project aimed at the aerospace sector [2][5] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.109 billion yuan, a 23.65% increase year-on-year, and a net profit of 191 million yuan, a 26.98% increase year-on-year [2][5] - For Q2 2024, operating revenue reached 577 million yuan, a 24.18% year-on-year increase, with a net profit of 103 million yuan, reflecting a 44.11% year-on-year growth [2][5] Strategic Initiatives - The company has successfully adjusted its product structure, focusing on strategic emerging sectors, which has led to significant improvements in revenue and profitability [2][5] - The strategic emerging sector achieved sales volume of 22,100 tons and revenue of 285 million yuan in the first half of 2024, with Q2 showing a sales volume of 11,500 tons and revenue of 145 million yuan [2][5] Future Outlook - The company is expected to continue its growth trajectory with new projects and products, having established 16 major segments, including functional new materials and high-end electronic chemicals [2][5] - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at 0.68 yuan, 0.83 yuan, and 0.99 yuan, respectively [2][3]