HIFICHEM(300758) 光大证券·2024-09-20 04:12Investment Rating - The report maintains a "Buy" rating for the company, citing the successful trial production of the MXD6 project and the continuous improvement in profitability of high-performance organic pigments [1][7] Core Viewpoints - The company has expanded its new materials business layout with the MXD6 project, which is expected to provide new growth opportunities [1] - The bankruptcy of a major overseas competitor has optimized the global supply structure of high-performance organic pigments, leading to improved gross margins for the company [1] - The company's gross margin in Q2 2024 reached 32.8%, a year-on-year increase of 9.0 percentage points and a quarter-on-quarter increase of 2.7 percentage points [1] - The company has strengthened cost control, with reductions in sales, management, R&D, and financial expense ratios in H1 2024 [1] Financial Performance - The company's revenue is projected to grow from 1,209 million yuan in 2022 to 2,694 million yuan in 2026, with a compound annual growth rate (CAGR) of 22.24% [4] - Net profit attributable to the parent company is expected to increase from -3 million yuan in 2022 to 313 million yuan in 2026, with significant growth in 2024 (1,493.93%) [4] - The company's ROE (Return on Equity) is forecasted to rise from -0.17% in 2022 to 13.38% in 2026 [4] - The company's EPS (Earnings Per Share) is projected to grow from -0.01 yuan in 2022 to 0.77 yuan in 2026 [4] Business Development - The company has successfully launched the trial production of its 5,000-ton MXD6 project, which is expected to enhance its presence in the new materials sector [2] - The company has developed special polyurethane elastomer products for various industries, including electronics, new energy, and machinery, aiming to replace high-end imported materials [1] - The company has established partnerships with leading domestic and international companies such as Trelleborg, Hengli Hydraulics, and TCL Zhonghuan [1] Market and Valuation - The company's market capitalization is 4.105 billion yuan, with a total share capital of 406 million shares [6] - The company's P/E ratio is expected to decrease from 375 in 2023 to 13 in 2026, indicating improving valuation metrics [4] - The company's P/B ratio is projected to decline from 2.6 in 2022 to 1.8 in 2026, reflecting a more attractive valuation [4] Industry and Competitive Landscape - The bankruptcy of a major global pigment producer, Heubach, has led to a more favorable supply structure for high-performance organic pigments, benefiting the company [1] - The company's gross margin improvement is partly attributed to the decline in raw material prices and the price increase of some high-performance organic pigment products following Heubach's bankruptcy [1]