JINNENG(603113) 国海证券·2024-09-09 13:02Investment Rating - The report assigns an "Overweight" rating to the company, marking the first coverage [2] Core Views - The company's project construction is progressing smoothly, with improved H1 2024 performance compared to the previous year [2] - The company is committed to building a unique "C3+C4+photovoltaic+hydrogen" green chemical industry chain in the fields of new materials and new energy, with orderly release of capacity from ongoing projects, indicating potential for rapid development [6][47] Financial Performance - In H1 2024, the company achieved revenue of 6.886 billion yuan, a year-on-year decrease of 4.56% [3] - Net profit attributable to the parent company in H1 2024 was -43 million yuan, showing a narrowing loss compared to the previous year [3] - Operating cash flow in H1 2024 was 318 million yuan, a year-on-year increase of 1711.28%, mainly due to reduced procurement of raw materials such as propane [3] Product Performance - Carbon black products generated revenue of 2.234 billion yuan in H1 2024, a year-on-year increase of 0.83%, with a gross profit of 117 million yuan and a gross margin of 5.22% [3] - Olefin products generated revenue of 2.207 billion yuan in H1 2024, a year-on-year decrease of 11.24%, with a gross loss of 18 million yuan and a gross margin of -0.83% [3] - Coal tar products generated revenue of 1.641 billion yuan in H1 2024, a year-on-year decrease of 12.25%, with a gross loss of 4 million yuan and a gross margin of -0.25% [3] - Fine chemical products generated revenue of 255 million yuan in H1 2024, a year-on-year increase of 1.02%, with a gross profit of 34 million yuan and a gross margin of 13.41% [3] Project Progress - The Qingdao base has established an annual production capacity of 1.8 million tons of propylene, 1.35 million tons of polypropylene, and 480,000 tons of carbon black, utilizing Lummus and Basell technologies to create a unique global resource recycling model [3] - The second phase of the new plant, with 900,000 tons/year PDH and 2*450,000 tons/year PP, is expected to be fully operational in the second half of the year, further amplifying the scale effect of olefin production capacity and optimizing the company's energy utilization structure [3] Market Data - The current stock price is 4.57 yuan, with a 52-week price range of 4.56-8.78 yuan [3] - The total market capitalization is 3.87513 billion yuan, with a circulating market capitalization of 3.87513 billion yuan [3] - The average daily trading volume is 278.1 million yuan [3] Profit Forecast - The company is expected to achieve revenues of 17.15 billion yuan, 20.533 billion yuan, and 23.02 billion yuan in 2024, 2025, and 2026, respectively [47] - Net profit attributable to the parent company is expected to be -65 million yuan, 112 million yuan, and 245 million yuan in 2024, 2025, and 2026, respectively [47] - The current stock price corresponds to a PE ratio of 34.45x and 15.80x for 2025 and 2026, respectively [47] Financial Ratios - The gross margin in H1 2024 was 1.92% [3] - The asset-liability ratio in H1 2024 was 51.91% [19] - The asset turnover rate in H1 2024 was 37.99% [20] - The ROE in H1 2024 was -0.5% [19]