Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant revenue growth in H1 2024, with operating income reaching 390 million yuan, up 60.4% year-on-year, and net profit attributable to shareholders of 34.39 million yuan, up 39.8% year-on-year [1] - The gross margin is under pressure due to product mix adjustments, but the upcoming commissioning of the Zhongshan factory is expected to enhance production capacity [1] - The company is positioned as a leading player in the modified plastics industry, with anticipated steady growth in performance driven by capacity expansion and product upgrades [1] Summary by Sections Financial Performance - In Q2 2024, the company reported operating income of 220 million yuan, a year-on-year increase of 69.2%, while net profit decreased by 2.3% year-on-year to 15.22 million yuan [1] - For H1 2024, revenue from different product lines was as follows: styrene products 215.34 million yuan (+96.7%), modified engineering plastics 131.35 million yuan (+59.9%), polyolefins 44.99 million yuan (-5.6%), and other businesses 2.28 million yuan (-64.3%) [1] Production Capacity and Future Outlook - The Zhongshan factory is expected to commence operations within 2024, with an initial design capacity of 40,000 tons, which will significantly increase the company's total capacity to 72,800 tons per year [1] - The factory's production capacity will enhance the company's ability to handle large orders and improve competitiveness in the modified plastics sector [1] Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 74.5 million yuan, 90.6 million yuan, and 110.8 million yuan for 2024, 2025, and 2026 respectively, with a CAGR of 24.3% [1] - The corresponding price-to-earnings ratios are expected to be 13, 11, and 9 times for the respective years [1]
富恒新材：2024年中报点评：毛利率受产品结构调整有所承压，期待年内中山工厂投产