Putailai(SH:603659)2024-09-04 01:00Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company's net profit for the first half of 2024 is reported at 858 million RMB, a year-on-year decrease of 34.24% [4] - Revenue for the first half of 2024 is 6.332 billion RMB, down 18.89% year-on-year [4] - The negative electrode business is under pressure, but the company is advancing its platform layout and new product development [4] - The company aims to improve profitability in the negative electrode business in the second half of 2024 as new products are validated and introduced [4] - The company leads the market in membrane coating processing, with a market share of 41.03% in the domestic wet membrane shipment volume [4] - The company is constructing a new system for composite electrolytes and solid-state battery materials, with small-scale production expected in the consumer sector [4] Financial Summary - The company's total revenue for 2024 is projected to be 15.040 billion RMB, a decrease of 2.0% compared to 2023 [5] - The net profit for 2024 is estimated at 1.861 billion RMB, a decrease of 2.7% compared to 2023 [5] - The earnings per share (EPS) for 2024 is adjusted to 0.87 RMB, down from the previous forecast of 1.23 RMB [5] - The company’s EBITDA for 2024 is projected at 3.074 billion RMB [5] - The company’s market capitalization is approximately 23.817 billion RMB [3]