Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][4]. Core Views - The company reported a revenue of 231 million yuan for the first half of 2024, representing a year-on-year growth of 24.12%. However, the net profit attributable to the parent company was a loss of 6 million yuan, a decline of 141.14% year-on-year [3]. - The company is facing pressure due to a decline in demand and the fact that its production capacity is still in the ramp-up phase. Despite this, the core product, colored optical base film, has shown resilience [3]. - The overall gross margin for the first half of 2024 was 11.64%, a decrease of 1.65 percentage points year-on-year. The gross margins for the core products were 16.61% for colored optical base film and -4.12% for transparent film [3]. - The company has increased its R&D investment to 10.06 million yuan in the first half of 2024, a growth of 31.82% compared to the same period last year [3]. Financial Performance and Forecast - The company is expected to achieve sales revenues of 523 million yuan, 650 million yuan, and 780 million yuan for the years 2024, 2025, and 2026, with growth rates of 24%, 24.4%, and 19.9% respectively [4]. - The net profit attributable to the parent company is projected to be 3 million yuan, 26 million yuan, and 51 million yuan for the years 2024, 2025, and 2026, with growth rates of -79.8%, 783.3%, and 94.7% respectively [4]. - The company’s total assets are expected to reach 1.606 billion yuan in 2024, increasing to 1.768 billion yuan by 2026 [7]. Key Financial Metrics - The company’s gross margin is forecasted to be 10.9% in 2024, 14.0% in 2025, and 16.5% in 2026 [5]. - The net profit margin is expected to be 0.6% in 2024, 4.0% in 2025, and 6.5% in 2026 [5]. - The company’s debt-to-asset ratio is projected to be 10.5% in 2024, increasing to 14.4% by 2026 [5].
和顺科技：24H1业绩承压，核心产品表现稳定