二季度显示材料板块环比改善，医药中间体新品逐步放量。据公司公告，2023H1 公司实现毛利润2 亿元，同比-1.34 亿元，毛利率33%，同比-4pct，营收下滑规模效应减弱及募投项目转固折旧导致的生产成本增加是毛利下滑主因。分板块看，据公司公告，2023H1 公司显示材料、医药CDMO、电子化学品业务营收为5.11、0.77、0.28 亿元，同比-37%、+14%、+22%，2023 年以来，公司显示材料板块受下游面板行业去库存、稼动率下调等因素短期拖累，随着供应链库存出清，面板价格逐步企稳回升，二季度公司显示材料业绩环比有所改善，OLED及其他功能材料募投项目已整体达到预定可使用状态；医药板块主力产品的终端新工艺药品逐步放量，客户加大了该终端药配套医药中间体的采购；公司电子化学品板块包括半导体光刻胶单体、TFT 平坦层光刻胶、膜材料中间体和PI 单体，该业务客户数量、新品数量和形成销售的产品数量都在逐年快速增加，发展潜力巨大。Incident: Ruilian New Materials released its semi-annual report for 2023. During the reporting period, the company achieved revenue of 616 million yuan, or -31.34%; net profit of 58 million yuan, -63.83%, and 2023Q2 achieved revenue of 342 million yuan, -27.57% YoY, +24.86%, achieving net profit of 44 million yuan, -45.64% year-on-year, +214.55%.
According to the company's announcement, the company plans to implement share repurchases with its own funds to implement employee stock ownership plans or equity incentives. The total repurchase capital shall not be less than RMB 50 million (inclusive), no more than RMB 80 million (inclusive), and the repurchase price shall not exceed RMB 51 per share (inclusive).
According to the company's announcement, the company plans to invest in the construction of the Dali Haitai photoresist and high-end new materials industrialization project with its own and self-funded capital. The total investment of the project is 490,509 million yuan. The project is to be completed in stages. The first phase of the project has an investment of 83.1096 million yuan, and the construction period is 12 months.
The second quarter showed a month-on-month improvement in the materials sector, and the gradual release of new pharmaceutical intermediates. According to the company's announcement, 2023H1 achieved gross profit of 200 million yuan, a year-on-year -134 million yuan, a gross profit margin of 33%, and a year-on-year -4pct. The weakening of the scale effect of the decline in revenue and the increase in production costs due to the consolidation and depreciation of fund-raising projects were the main reasons for the decline in gross profit. By sector, according to the company's announcement, 2023H1's display materials, pharmaceutical CDMO, and electronic chemicals business revenue was 511, 0.77, and 28 million yuan, compared to -37%, +14%, and +22%. Since 2023, the company's display materials sector has been dragged down in the short term by factors such as inventory removal and lower operating rates in the downstream panel industry. As supply chain inventories are cleared, panel prices have gradually stabilized and rebounded. The company's display material performance has improved month-on-month in the second quarter. OLED and other functional materials investment projects have reached the overall scheduled use status; the pharmaceutical sector has reached the overall scheduled use status; the pharmaceutical sector has reached the overall scheduled use status; the pharmaceutical sector The number of terminal new process drugs for the main product is gradually being released, and customers have increased their procurement of pharmaceutical intermediates to support this terminal drug; the company's electronic chemicals sector includes semiconductor photoresist monomers, TFT flat-layer photoresist, film material intermediates, and PI monomers. The number of customers, new products, and the number of products formed for sale in this business are increasing rapidly year by year, and there is huge potential for development.
The stock buyback shows confidence, and the proposed photoresist project can be expected to increase in volume. According to the company's announcement, according to the estimated repurchase price limit of 51 yuan/share, the current repurchase amount is 50 to 80 million yuan, and the corresponding number of repurchases is about 9804 to 1,5686 million shares. The repurchase ratio accounts for about 0.71% to 1.14% of the company's total share capital. The company plans to implement share repurchases to implement employee stock ownership plans or equity incentives. This share repurchase shows the company's confidence and helps establish and improve the company's long-term incentive mechanism.
Furthermore, according to the company's announcement, the company plans to invest in Dali Haitai photoresist and high-end new material industrialization projects. The independent production of panel photoresist in China is mainly concentrated in the fields of PCB photoresist, TN/STNLCD photoresist, etc., and high-end photoresist products for panels such as TFT-LCD are still mainly imported, and there is an urgent need for localized replacement. Currently, the development of some products such as photoresist resins and monomers, TFT flat layer photoresist, etc., has entered the pilot phase or customer verification stage. As the new project continues to advance, the company will develop a new kinetic energy period.
Investment suggestions: We expect the company's net profit from 2023 to 2025 to be 183 million yuan, 292 million yuan, and 359 million yuan respectively, maintaining the buy-A investment rating. Given that the supply chain in the panel industry is gradually returning to healthy inventory levels, the company shows that the performance of the materials sector is expected to recover in the future, and that the new photoresist business can be expected to grow. We will give 20 times the PE valuation in 2024, and the target price for 12 months is 42.4 yuan.
Risk warning: Product demand falls short of expectations, project construction progress falls short of expectations, API development and certification progress falls short of expectations, etc.
