呈和科技：成核剂、水滑石等主业持续增长，支撑公司业绩稳健提升

Investment Rating - The report maintains a "Buy" rating for the company, Chenghe Technology (688625) [1][2] Core Views - The company's main businesses, including nucleating agents and hydrotalcite, continue to grow, supporting a steady increase in performance [1][2] - In the first half of 2024, the company achieved operating revenue of 414 million yuan, a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 128 million yuan, up 17.4% year-on-year [2][3] - The company is focusing on product iteration and upgrading, which has improved overall sales gross margin to 45.09%, an increase of 1.56 percentage points compared to 2023 [2][3] Financial Performance - In Q2 2024, the company reported operating revenue of 223 million yuan, a year-on-year increase of 11.7%, and a net profit of 65.98 million yuan, up 14.7% year-on-year [2] - The nucleating agent segment generated revenue of 253 million yuan, a year-on-year increase of 27.67%, while the synthetic hydrotalcite business achieved revenue of 5.8 million yuan, up 20.54% year-on-year [2] - The company has maintained high R&D investment, resulting in the authorization of 7 new invention patents in 2023, with ongoing projects expected to support long-term growth [2][3] Earnings Forecast and Financial Indicators - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 1.97 yuan, 2.32 yuan, and 2.72 yuan, respectively [3] - The projected operating revenue for 2024 is 970 million yuan, with a growth rate of 21.28% [3] - The net profit for 2024 is expected to be 266 million yuan, reflecting a growth rate of 17.62% [3]