CNANO(SH:688116) Changjiang Securities·2024-09-09 06:10Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 647 million yuan for the first half of 2024, representing a year-on-year growth of 0.88%. The net profit attributable to shareholders was 116 million yuan, up 28.52% year-on-year, while the net profit after deducting non-recurring items was 111 million yuan, reflecting a growth of 45.84% year-on-year [4][5]. - In Q2 2024, the company achieved a revenue of 340 million yuan, a decrease of 6.29% year-on-year, with a net profit attributable to shareholders of 62 million yuan, an increase of 23.08% year-on-year [4][5]. - The company is optimistic about its position as a leading global carbon nanotube conductive agent, expecting to continue rapid growth alongside the lithium battery industry, with a projected net profit of approximately 310 million yuan for 2024, corresponding to a valuation of about 23 times [5]. Financial Performance Summary - For H1 2024, the company’s revenue was 647 million yuan, with a net profit of 116 million yuan and a net profit after non-recurring items of 111 million yuan [4]. - In Q2 2024, the gross margin was 38.80%, an increase of 6.68 percentage points year-on-year, while the operating cash flow for H1 2024 was a net inflow of 56 million yuan, showing a significant decline compared to 2023 [5]. - The company’s capital expenditure for H1 2024 was approximately 265 million yuan, with Q2 capital expenditure around 102 million yuan, indicating a notable year-on-year increase [5]. Product Performance - In H1 2024, the revenue from carbon nanotube conductive paste and carbon nanotube powder was 643 million yuan and 3 million yuan, respectively, with average prices expected to decline due to product structure adjustments and direct supply of NMP raw materials by customers [4][5]. - The company’s expense ratio for H1 2024 was 16.58%, an increase of 0.47 percentage points year-on-year, with specific changes in sales, management, R&D, and financial expense ratios noted [4].