凯盛新材：主营产品景气磨底，PEKK材料逐步放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The main viewpoint is that the company's main products are experiencing a downturn, leading to short-term pressure on performance, particularly in the chlorosulfonic acid and aramid sectors [1] - The company is expected to see growth in PEKK material production, which has significant strategic importance and high added value, with a focus on domestic production capabilities [1] - The company is actively expanding its product line and has made significant progress in new product development, which is expected to support future performance growth [1] Financial Performance Summary - In the first half of 2024, the company reported operating revenue of 495 million yuan, a year-on-year increase of 0.54%, and a net profit attributable to shareholders of 54 million yuan, a year-on-year decrease of 47.60% [1] - The second quarter of 2024 saw operating revenue of 255 million yuan, a year-on-year increase of 4.41%, while net profit attributable to shareholders was 28 million yuan, a year-on-year decrease of 45.97% [1] - The company's gross margin in the inorganic compounds segment was 20.29%, a year-on-year decrease of 16.36 percentage points, and in the carboxylic compounds segment, it was 28.35%, a year-on-year decrease of 12.07 percentage points [1] Future Earnings Forecast - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is expected to be 148 million yuan, 205 million yuan, and 262 million yuan respectively, with corresponding year-on-year growth rates of -6.1%, 38.0%, and 28.0% [2] - The projected operating revenue for the same years is 1.212 billion yuan, 1.660 billion yuan, and 2.049 billion yuan, with year-on-year growth rates of 22.8%, 37.0%, and 23.4% respectively [2]