三友化工：2024年半年报点评：Q2业绩环比高增，“三链一群”项目建设稳扎稳打

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 4.96 CNY [1] Core Views - The company reported a revenue of 10.8 billion CNY for the first half of 2024, a year-on-year decrease of 2%, while the net profit attributable to shareholders reached 328 million CNY, a year-on-year increase of 111% [1] - In Q2 2024, the company achieved a revenue of 5.5 billion CNY, a year-on-year decrease of 0.2% but a quarter-on-quarter increase of 6%, with a net profit of 250 million CNY, a year-on-year decrease of 1% but a quarter-on-quarter increase of 221% [1] - The decline in raw material costs and ongoing cost reduction efforts contributed to significant quarter-on-quarter performance improvement [1] - The company is advancing its "Three Chains and One Cluster" project, focusing on high-end product development and expanding its industrial chain layout [1] Summary by Sections Financial Performance - The company’s revenue for the first half of 2024 was 10.8 billion CNY, with a net profit of 328 million CNY [1] - Q2 2024 revenue was 5.5 billion CNY, with a net profit of 250 million CNY [1] - The company expects net profits for 2024-2026 to be 710 million CNY, 941 million CNY, and 1.104 billion CNY respectively, with corresponding EPS of 0.34, 0.46, and 0.53 CNY [2] Market Conditions - The viscose market is stabilizing, with supply and demand gradually balancing [1] - The chlor-alkali industry is experiencing both maintenance and resumption of operations, leading to a temporary reduction in supply [1] - The price spread for viscose staple fiber in Q2 2024 was 4,758 CNY/ton, a year-on-year decrease of 395 CNY/ton [1] Project Development - The company is making steady progress on its "Three Chains and One Cluster" industrial layout, with several projects nearing completion [1] - Key projects include high-end electronic chemicals and organic silicon materials, with production processes entering trial phases [1] Shareholder Returns - The company has implemented a high dividend payout ratio, distributing 171 million CNY in cash dividends for the first half of 2024, representing 30.29% of the 2023 net profit [1]