Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating an expected increase in stock price relative to the CSI 300 index by 5% to 15% over the next six months [12]. Core Views - The company reported a revenue of 381 million yuan for the first half of 2024, reflecting a year-on-year growth of 5.53%, but the net profit attributable to shareholders decreased by 13.95% to 148 million yuan [2][4]. - The performance in the second quarter showed a significant decline, with revenue dropping by 27.52% year-on-year and 40.32% quarter-on-quarter, leading to a net profit decrease of 68.13% year-on-year [2][3]. - The report highlights that the superhard materials industry is currently undergoing a market adjustment, with a decline in demand for cultivated diamonds and intense competition in the industrial diamond sector [2][3]. Summary by Sections Financial Performance - The company achieved a gross margin of 42.31% and a net margin of 38.95% in the first half of 2024, both showing a decline compared to the previous year [2]. - The revenue breakdown for the first half of 2024 shows cultivated diamonds generating 166 million yuan (up 61.63%), diamond single crystals at 144 million yuan (up 38.35%), and diamond micropowder at 52 million yuan (down 63.44%) [3]. Market Position and Outlook - The company is recognized as a leading player in the synthetic diamond industry, with strong technical reserves and a competitive edge in specialized diamond products [3]. - The report anticipates a recovery in the company's performance in the long term, driven by its leading position in cultivated diamonds and diamond micropowder, as well as potential demand recovery in downstream sectors [4]. Financial Projections - Revenue projections for 2024-2026 are estimated at 810 million yuan, 951 million yuan, and 1.185 billion yuan, respectively, with corresponding net profits of 285 million yuan, 339 million yuan, and 414 million yuan [4][7]. - The expected earnings per share (EPS) for the same period are projected to be 1.10 yuan, 1.30 yuan, and 1.59 yuan, with price-to-earnings (P/E) ratios of 21.94, 18.44, and 15.11, respectively [4][8].
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