多氟多：中报点评：业绩短期仍承压，盈利环比改善

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][7]. Core Views - The company's performance remains under pressure in the short term, with a significant decline in revenue and net profit for the first half of 2024 compared to the previous year [2][5]. - The demand for electrolyte solutions is expected to continue growing, driven by the increase in sales of new energy vehicles [3][6]. - The company is focusing on the research and industrialization of fluorine, lithium, silicon, and boron elements, particularly in new material systems [2][3]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 4.609 billion yuan, a year-on-year decrease of 12.46%, and a net profit of 70.33 million yuan, down 73.78% year-on-year [2][5]. - The operating cash flow was negative at -855 million yuan, a decline of 179.49% year-on-year [2][5]. - The gross profit margin for the first half of 2024 was 9.11%, down 8.29 percentage points year-on-year [7]. Product Segment Performance - The company's new energy materials segment, which includes lithium hexafluorophosphate, saw revenue of 1.339 billion yuan, a year-on-year decrease of 46.59% [5][6]. - The electronic information materials segment achieved revenue of 588 million yuan, an increase of 11.40% year-on-year, with its revenue share rising to 12.75% [6][7]. - The fluorine-based new materials segment reported revenue of 1.155 billion yuan, a year-on-year increase of 6.27%, contributing 25.06% to total revenue [6][7]. Market Trends - The demand for lithium hexafluorophosphate is under pressure due to significant price declines linked to upstream raw material costs and increased industry competition [5][6]. - The overall market for new energy vehicles in China is expected to maintain double-digit growth, which will support the demand for electrolytes and related materials [3][6]. - The company is positioned to benefit from long-term trends in the semiconductor industry, with its electronic information materials expected to see continued growth [6][7].