光启技术：超材料业务高速增长，应用范围持续扩大

Investment Rating - The report maintains an "Accumulate-A" rating for the company, with adjusted earnings per share (EPS) forecasts for 2024-2026 being 0.34, 0.49, and 0.65 respectively, corresponding to price-to-earnings (PE) ratios of 50.9, 35.0, and 26.7 based on the closing price of 17.23 yuan on September 3, 2024 [2]. Core Insights - The company has experienced a stable revenue growth, with a focus on the supermaterial business, which has shown a significant increase in revenue by 24.16% year-on-year in the first half of 2024, contributing to 99.81% of total revenue [4]. - The company has streamlined its operations by divesting from the automotive parts business in August 2023, allowing it to concentrate on the supermaterial sector, which is expected to drive long-term growth [4]. - The company is expanding its production capacity for supermaterials, with the second phase of its Shunde industrial base nearing completion, which will enhance delivery capabilities and production efficiency [4]. Financial Performance - For the first half of 2024, the company reported a revenue of 8.52 billion yuan, a year-on-year increase of 1.07%, and a net profit attributable to shareholders of 3.61 billion yuan, up 20.33% year-on-year [3]. - The company's gross profit margin is projected to improve, with estimates of 51.9% for 2024, 52.0% for 2025, and 52.1% for 2026 [5]. - The company's total liabilities increased by 2.48% year-on-year to 8.47 billion yuan, while cash and cash equivalents rose by 9.81% to 57.38 billion yuan [3]. Revenue and Profit Forecast - The projected revenue for the company is expected to grow from 17.23 billion yuan in 2024 to 36.32 billion yuan by 2026, reflecting a compound annual growth rate [5]. - Net profit is forecasted to increase from 729 million yuan in 2024 to 1.39 billion yuan in 2026, indicating a strong growth trajectory [5]. - The company's return on equity (ROE) is expected to rise from 7.6% in 2024 to 11.6% by 2026, showcasing improved profitability [5].