西部超导：2024H1点评：Q2业绩环比增长超预期

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [2][15]. Core Views - The company reported a revenue of 2.02 billion yuan for H1 2024, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of 348 million yuan, down 17.2% year-on-year. However, Q2 2024 showed a significant recovery with a revenue of 1.23 billion yuan, a year-on-year increase of 3.1% and a quarter-on-quarter increase of 54.6% [2]. - The company has adjusted its production and operations based on varying external demands across its three product segments, focusing on R&D for new technologies and products, which has led to a strong recovery in Q2 [2]. - The high-end titanium alloy and superconducting products have driven significant revenue growth, with high-end titanium alloy materials generating 1.28 billion yuan in revenue, despite a year-on-year decline of 4.1% [2]. Summary by Sections Financial Performance - For H1 2024, the company achieved a gross margin of 32.0% and a net margin of 17.5%, with a notable increase in profitability in Q2 [2]. - The company’s R&D expense ratio increased to 8.9%, reflecting a commitment to maintaining core competitiveness through enhanced R&D investment [2]. Product Segments - High-end titanium alloy materials: Revenue of 1.28 billion yuan, with Q2 sales recovering from Q1 disruptions [2]. - Superconducting products: Revenue of 480 million yuan, a year-on-year increase of 20.0%, supported by growing external orders and increased production capacity [2]. - High-performance high-temperature alloy materials: Revenue of 160 million yuan, down 44.7% year-on-year, attributed to adjustments in order rhythm [2]. Market Outlook - The company is well-positioned for future growth, with ongoing projects in high-performance superconducting wire materials and significant advancements in high-end titanium applications in various aerospace sectors [2].