DFD(002407)2024-10-07 05:23Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Views - The company's performance is under pressure due to a decline in lithium salt prices, leading to a significant drop in revenue and profit margins [1][4]. - The revenue for H1 2024 was 4.61 billion yuan, a year-on-year decrease of 12.5%, with a net profit attributable to shareholders of 70 million yuan, down 73.8% year-on-year [1]. - The report highlights that the decline in lithium hexafluorophosphate prices is the core factor affecting the company's performance, with the average market price dropping by 54.8% year-on-year [1]. Financial Performance Summary - H1 2024 revenue breakdown: - New energy materials: 1.339 billion yuan, down 46.6% year-on-year - Electronic information materials: 588 million yuan, up 11.4% year-on-year - Fluorine-based new materials: 1.155 billion yuan, up 6.3% year-on-year - New energy batteries: 624 million yuan, down 23.2% year-on-year [1]. - The gross profit margin for H1 2024 was 9.11%, a decrease of 8.29 percentage points year-on-year [1]. - The forecast for the company's revenue from 2024 to 2026 is 9.78 billion yuan, 10.78 billion yuan, and 12.48 billion yuan, respectively, with net profits of 141 million yuan, 287 million yuan, and 621 million yuan [4]. Market Position and Production Capacity - The company shipped approximately 19,000 tons of lithium hexafluorophosphate in H1 2024, with an expected total shipment of 41,000 to 42,000 tons for the year [2]. - The company plans to reduce construction costs for new production capacity through technological upgrades and automation, aiming to keep the investment per ton below 200 million yuan [2].