BBJX(430489) 中国银河·2024-10-22 00:09Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook on its stock performance relative to the benchmark index [3][2] Core Viewpoints - The company's joint venture, Anhui Intechem Technology Co Ltd, successfully produced 500 tons of acetoxystyrene, a key monomer for photoresist, which is a critical material in semiconductor manufacturing [1] - The company has multiple projects under construction and nearing completion, including a 15,000-ton biodegradable material functional additive project and a 10,000-ton dibasic ester project, which are expected to diversify its product portfolio and reduce reliance on a single market [2] - Despite a challenging first half of 2024, with a 9 8% YoY decline in net profit attributable to shareholders, the company's revenue increased by 15 45% YoY, reaching 2,917 42 million yuan [2] - The company's photoresist monomer project is expected to drive growth, with forecasts for 2024-2026 net profit attributable to shareholders at 45 million, 58 million, and 75 million yuan, respectively, representing significant YoY growth [2] Financial Performance and Projections - The company's revenue for 2024 is projected to be 601 million yuan, with a growth rate of 12 12%, and is expected to reach 956 million yuan by 2026 [4] - Net profit attributable to shareholders is forecasted to grow from 20 37 million yuan in 2023 to 74 71 million yuan in 2026, with a CAGR of 38 5% [4] - The company's gross margin is expected to improve slightly from 14 35% in 2023 to 15 59% in 2026, while the net margin is projected to increase from 3 80% to 7 81% over the same period [4] Strategic Developments - The company's new projects, including the photoresist monomer and biodegradable materials, are expected to enhance its competitive position in the photoresist and environmentally friendly materials sectors [2] - The company's strategic focus on diversifying its product lines and reducing dependency on the PVC industry is seen as a positive move to mitigate risks associated with market fluctuations [2]