新材料板块2024年中报总结：板块业绩略降，关注生物制造、供需格局优化及折叠屏新趋势

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a cautious outlook while highlighting potential opportunities in specific sub-sectors [2]. Core Insights - The new materials sector experienced a slight decline in performance in the first half of 2024, with revenue growth of 5.06% year-on-year, while net profit decreased by 3.87% [7][12]. - Key sub-sectors such as military stealth materials, OLED materials, vitamins, and biodegradable plastics showed positive growth in net profit, while others like semiconductor materials and carbon fiber faced significant declines [12][30]. - The report emphasizes the importance of focusing on biomanufacturing, supply-demand optimization, and trends in foldable screens as key investment themes [2][12]. Summary by Sections 1. Market Performance - The new materials sector achieved revenue of 6087.74 billion yuan in H1 2024, with a net profit of 263.51 billion yuan [7][12]. - The overall gross margin improved to 14.15%, while the net margin slightly decreased to 4.33% [7][10]. 2. Sub-sector Performance 2.1 Biodegradable Plastics - The biodegradable plastics segment showed stable performance, with revenue of 3506.13 billion yuan, up 7.38% year-on-year, and net profit of 158.11 billion yuan, up 6.19% [16]. - The demand for biodegradable plastics is expected to grow due to stricter plastic restrictions [16]. 2.2 Membrane Materials - The membrane materials segment faced challenges with a revenue decline of 8.97% to 174.69 billion yuan and a net loss of 2.45 billion yuan [18][19]. - The industry is experiencing overcapacity, leading to price pressures [19]. 2.3 Vitamins - The vitamins segment reported revenue of 237.40 billion yuan, a 15.08% increase, and a net profit of 28.94 billion yuan, up 36.41% [26]. - The supply chain improvements and rising export volumes contributed to this growth [26]. 2.4 Semiconductor Materials - The semiconductor materials segment saw revenue growth of 32.89% to 237.37 billion yuan, but net profit decreased by 8.51% to 10.23 billion yuan [30]. - The ongoing trend of domestic substitution continues to impact the sector [30]. 2.5 Synthetic Biology - The synthetic biology segment achieved revenue of 27.21 billion yuan, up 30.89%, but net profit fell by 0.62% to 4.65 billion yuan [32]. - Market supply and demand changes are influencing short-term performance, but long-term prospects remain positive [32]. 3. Investment Recommendations - The report suggests focusing on biomanufacturing, supply-demand optimization, and the emerging trend of foldable screens as key areas for investment [2][12].