中伟股份：业绩稳步增长，一体化布局逐步落地

Investment Rating - The report maintains an "Accumulate" rating for the company [4][7]. Core Views - The company reported a revenue of 20.086 billion yuan for H1 2024, representing a year-on-year growth of 16.33%, with a net profit attributable to shareholders of 864 million yuan, up 12.48% year-on-year [6]. - The company's integrated layout is enhancing its profitability, with a projected self-supply ratio of nearly 50% for nickel by the end of the year, expected to improve further next year as new projects ramp up [6]. - Sales volume for nickel, cobalt, phosphorus, and sodium products exceeded 140,000 tons in H1 2024, marking a 15% increase year-on-year, supported by a strong product structure [6]. Financial Summary - Revenue projections for 2024-2026 are 43.572 billion yuan, 53.973 billion yuan, and 60.632 billion yuan, with year-on-year growth rates of 27.1%, 23.9%, and 12.3% respectively [5]. - Net profit attributable to shareholders is expected to be 2.038 billion yuan, 2.492 billion yuan, and 2.972 billion yuan for the same period, with growth rates of 4.7%, 22.3%, and 19.3% respectively [5]. - The gross profit margin is projected to be 12.6% in 2024, 12.4% in 2025, and 12.6% in 2026 [5].