金禾实业：触底反弹，景气具备持续性

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2]. Core Views - The company reported a revenue of 2.54 billion yuan for the first half of 2024, a year-on-year decrease of 5.1%, and a net profit attributable to shareholders of 250 million yuan, down 38.7% year-on-year [2][3]. - The food additives segment generated a revenue of 1.34 billion yuan in H1 2024, a decline of 11.3% year-on-year, with a gross margin of 27.1%, down 6.9 percentage points [3]. - The company is experiencing a rebound in maltol prices and a reshuffle in the sucralose and acesulfame segments, indicating a potential for sustained growth in the future [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.33 billion yuan, an increase of 2.6% year-on-year and a 9.2% increase quarter-on-quarter, with a net profit of 120 million yuan, down 25.4% year-on-year [2]. - The average prices for key products in H1 2024 were as follows: sucralose at 118,000 yuan/ton (down 39.3%), acesulfame at 38,000 yuan/ton (down 32.5%), methyl maltol at 75,000 yuan/ton (down 19.7%), and ethyl maltol at 65,000 yuan/ton (down 5.3%) [2][3]. Market Dynamics - The total export volume for sucralose in H1 2024 was 8,600 tons, a year-on-year increase of 17.6%, while acesulfame exports reached 9,500 tons, up 31.9% year-on-year [2]. - The company is undergoing a price increase for maltol, with current prices for methyl maltol and ethyl maltol at 100,000 yuan/ton and 80,000 yuan/ton, respectively, reflecting increases of 5.3% and 6.7% since April [3]. Strategic Developments - The company has completed major construction for the first phase of the Dingyuan Phase II project, which includes the production of 600,000 tons of sulfuric acid and 60,000 tons of ion-exchange membrane caustic soda [3]. - The company is actively pursuing cost reduction and efficiency improvements, focusing on enhancing the production technology for sucralose and improving the quality of ethyl maltol [3]. Future Outlook - The company expects its performance for 2024 to be 830 million yuan, 1.27 billion yuan, and 1.67 billion yuan for the years 2024, 2025, and 2026, respectively [3].