广信材料：2024年半年报点评：24H1产品毛利率改善利润提升，持续推动龙南基地建设

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.28 CNY [4]. Core Insights - The company reported a revenue of 261 million CNY for the first half of 2024, representing a year-on-year growth of 7.0%. The net profit attributable to shareholders reached 27.85 million CNY, up 40.0% year-on-year, while the net profit after deducting non-recurring items surged by 756% to 28.55 million CNY [1]. - The significant improvement in product gross margins and profit growth is attributed to the company's expansion into new product areas such as photovoltaic adhesives, automotive coatings, and functional films [2]. - The company is actively expanding its production capacity, with a new project in Jiangxi province entering trial production, which is expected to enhance its capabilities in PCB photoresists and coatings [1]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 144 million CNY, a year-on-year increase of 3.6% and a quarter-on-quarter increase of 23.1%. The net profit for the quarter was 12.92 million CNY, reflecting an 89.5% year-on-year growth [1]. - The PCB photoresist and related materials business generated 172 million CNY in revenue, up 14.6% year-on-year, with a gross margin of 40.4%, an increase of 6.4 percentage points [1]. - The specialized coatings business reported a revenue of 87.72 million CNY, a 26.5% increase year-on-year, with a gross margin of 38.7%, up 5.0 percentage points [1]. Production Capacity and Expansion - As of the end of 2023, the company had a production capacity of 8,000 tons per year for photoresists and 6,350 tons per year for coatings. The new project in Jiangxi is planned to produce 50,000 tons of electronic photosensitive materials annually [1]. - The trial production of the 9,000 tons/year outer ink project is a significant step in expanding the company's production capabilities in the PCB photoresist and coatings sectors [1]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted, with expected net profits of 56 million CNY (down 20%), 87 million CNY (down 14%), and 129 million CNY, respectively [2]. - The company is expected to continue benefiting from the expansion into new product applications, which will support profit recovery [2].