鼎胜新材：二季度利润环比提升403%，看好公司海外布局

Investment Rating - The investment rating for the company is "Outperform the Market" [3][10] Core Views - The company's net profit for the first half of 2024 decreased by 48% year-on-year, with revenue reaching 11.484 billion yuan, a year-on-year increase of 24.57% [4][10] - The second quarter showed a significant recovery in profitability, with a net profit of 153 million yuan, a quarter-on-quarter increase of 402.72% [4][10] - The decline in performance is primarily attributed to the drop in processing fees for battery aluminum foil, despite a nearly 10% increase in production year-on-year [4][10] - The company maintains a stable profit margin for battery aluminum foil, with a unit net profit around 2000 yuan per ton, and the processing fees are expected to stabilize [8][10] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 11.484 billion yuan, with a year-on-year growth of 24.57% and a net profit of 184 million yuan, down 47.60% year-on-year [4][10] - The second quarter revenue was 6.363 billion yuan, reflecting a year-on-year increase of 35.09% and a quarter-on-quarter increase of 24.26% [4][10] - The gross profit margin for the first half of 2024 was 9.88%, down 3.41 percentage points year-on-year, while the net profit margin was 1.60%, down 2.20 percentage points year-on-year [4][10] - The company’s asset-liability ratio as of the end of the second quarter of 2024 was 74.80%, an increase of 7.20 percentage points from the end of 2023 [4][10] Future Earnings Forecast - The company’s revenue is projected to be 22.791 billion yuan, 23.613 billion yuan, and 24.250 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 19.55%, 3.60%, and 2.70% [10][11] - The net profit forecast for the same period is 503 million yuan, 629 million yuan, and 771 million yuan, with year-on-year growth rates of -5.95%, +25.01%, and +22.58% respectively [10][11] - The diluted EPS is expected to be 0.57 yuan, 0.71 yuan, and 0.87 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 15.9, 12.7, and 10.3 times [10][11]