鲁西化工：产品价格同比上涨推动1H24业绩回升，看好在建项目推进

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company's performance in the first half of 2024 (1H24) showed significant recovery, with revenue increasing by 21.63% year-on-year to 14.04 billion yuan and net profit rising by 503.72% to 1.17 billion yuan, driven by product price increases and improved sales volume [1][2]. - The company is expected to benefit from the gradual recovery of its hydrogen peroxide production facility, which will help mitigate the impact of past operational disruptions [5]. - Ongoing project developments are anticipated to enhance future earnings, with several projects nearing completion, including the caprolactam and nylon 6 project, which has reached 95% completion [5]. Financial Summary - Revenue for 2024 is projected at 29.38 billion yuan, reflecting a 15.9% year-on-year growth, with net profit expected to reach 1.93 billion yuan, a substantial increase of 136.3% [1][5]. - The company's gross margin for its chemical materials business is reported at 21.20%, with significant improvements in profitability attributed to rising product prices and lower raw material costs [2]. - Cash flow from operating activities in 1H24 was 2.32 billion yuan, up 93.13% year-on-year, indicating strong operational cash generation [2][7]. Product Price Trends - Key product prices have shown a year-on-year increase, with notable price changes for PC, PA6, and other chemicals, contributing to the overall revenue growth [2]. - Average prices for major products in 1H24 were reported as follows: PC at 16,161.41 yuan/ton, PA6 at 14,842.88 yuan/ton, and caprolactam at 13,400.85 yuan/ton, with respective year-on-year changes of 0.37%, 7.02%, and 8.66% [2]. Cost and Expense Management - Sales expenses increased by 10.39% year-on-year, while management expenses decreased by 4.06%, indicating effective cost control measures [2]. - Research and development expenses rose by 39.76%, reflecting the company's commitment to innovation and product development [2].