赞宇科技：中报点评：产品涨价推动上半年业绩增长，OEM业务前景可观

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [12]. Core Insights - The company reported a revenue of 4.624 billion yuan for the first half of 2024, a year-on-year decline of 4.20%, while net profit attributable to shareholders increased by 105.81% to 91 million yuan, driven by product price increases and foreign exchange gains [2][3]. - The surface active agent industry is expected to maintain stable growth, supported by increasing demand in various sectors such as personal care and cleaning products, with the company holding a leading position in the market [3]. - The company's OEM business in personal care products is anticipated to become a significant profit growth point, with new production capacities gradually coming online [5]. Financial Performance - The company achieved a gross margin of 6.92% in the first half of 2024, an increase of 0.89 percentage points year-on-year, while the net profit margin improved to 1.98%, up 1.06 percentage points [2][3]. - The forecasted earnings per share (EPS) for 2024 and 2025 are 0.44 yuan and 0.52 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18.10 and 15.35 based on the closing price of 7.93 yuan on September 19, 2024 [5][8]. Market Position - The company is a leader in the production of anionic surface active agents, with a market share exceeding 70% in the domestic market, indicating a strong competitive position [3]. - The report highlights the company's strategic investments in high-standard, intelligent factories for OEM services, which are expected to enhance customer loyalty and market competitiveness [5]. Industry Outlook - The surface active agent industry is projected to benefit from stable demand driven by economic growth and increased consumer awareness regarding hygiene and personal care [3]. - The report notes that the industry concentration is rising due to stricter safety and environmental regulations, which may favor established players like the company [3].