海正生材：聚乳酸销量稳步上行，材料自身优势打开需求市场

Investment Rating - The investment rating for the company is "Hold" with a downward adjustment [5]. Core Insights - The company reported a revenue of 431 million yuan for the first half of 2024, representing a year-on-year increase of 29.19%, and a net profit of 25 million yuan, up 27.05% year-on-year [1]. - The demand for polylactic acid (PLA) is on the rise globally, with the company's sales and profits steadily increasing. The company holds a market share exceeding that of well-known European and American competitors, maintaining its position as the leading domestic player [2]. - The growth in sales is attributed to the performance advantages of PLA materials, which have opened up new market demands, particularly in sectors like 3D printing and transparent packaging [3]. Financial Performance Summary - For the first half of 2024, the company achieved a production volume of 24,700 tons of pure PLA, with a sales rate of 98.86%, corresponding to sales of 24,400 tons. The sales of PLA resin increased by 48.22% year-on-year, with domestic sales growing by 35% and international sales by 140% [2]. - The company’s revenue projections for 2024-2026 are updated to 916 million, 1.136 billion, and 1.619 billion yuan respectively, with net profits of 52 million, 68 million, and 102 million yuan respectively [3][4]. - The earnings per share (EPS) are projected to be 0.26, 0.34, and 0.50 yuan for 2024, 2025, and 2026 respectively [4]. Market Dynamics - The demand for PLA is driven by regulatory policies against plastic, and the material's inherent performance advantages are becoming a new driving force for industry development [3]. - The 3D printing materials segment saw a significant increase of 117% year-on-year in the first half of 2024, driven by technological innovations and strong market demand [3]. - The company is optimizing material performance to increase procurement shares from major existing customers, even in markets where overall demand has not significantly increased [3].