Hubei Jianghan New Materials (SH:603281) Haitong Securities·2024-09-23 02:39Investment Rating - The investment rating for Jianghan New Materials (603281) is "Outperform the Market" [1][6] Core Views - The company reported a revenue of 1.174 billion yuan in the first half of 2024, a slight decrease of 0.26% year-on-year, primarily due to low market prices for functional silanes, which saw an average selling price drop of 18.84% compared to the previous year [5] - The company's net profit attributable to shareholders for the first half of 2024 was 312 million yuan, down 16.68% year-on-year, while the non-recurring net profit was 294 million yuan, a decrease of 16.55% [5] - The gross margin for the first half of 2024 was 33.84%, down 4.08 percentage points year-on-year, and the net margin was 26.58%, down 5.24 percentage points year-on-year [5] - The company has seen significant growth in production and sales volumes, with functional silane production reaching 59,000 tons and sales at 60,000 tons, marking a year-on-year increase of 21.59% [5] - The company is expanding its production capacity, with a current annual capacity of 92,000 tons for functional silanes, expected to increase to 182,000 tons by the end of 2026 [5] Financial Summary - The projected net profits for Jianghan New Materials from 2024 to 2026 are estimated at 631 million yuan, 767 million yuan, and 923 million yuan, respectively, with corresponding EPS of 1.69 yuan, 2.05 yuan, and 2.47 yuan [6][10] - The company’s revenue is expected to grow from 2.447 billion yuan in 2024 to 3.553 billion yuan in 2026, with a projected annual growth rate of 19.3% [8][10] - The gross margin is forecasted to improve slightly from 34.3% in 2024 to 35.3% in 2026 [10] Market Performance - The stock price of Jianghan New Materials has fluctuated between 19.71 yuan and 30.95 yuan over the past 52 weeks, with a closing price of 23.56 yuan as of September 20, 2024 [1] - The company has underperformed compared to the market index, with a relative decline of 31.17% from September 2023 to December 2023 [2][3]