主要产品销量高增，但产品跌价拖累公司业绩24H1 公司主营胶粘剂产品销量约 12.74 万吨，同比增31.53%，但受产品跌价影响，营收同比降3.26%，归母净利润同比降38.76%。24H1 公司可再生能源/大电子/大交通营收分别为9.36 亿元、3.05 亿元、4.85 亿元，同比分别变动 -19.3%、+1.2%、+20.1%。24H1 公司光伏胶销量同比增长超20%，但产品价格下行拖累该板块收入及盈利，24H1 可再生能源毛利率11.99%，同比降11 PCT。24H1 公司大电子板块在产品价格压力下，收入实现增长，主要得益于消费电子领域客户快速上量，同期产品销量同比增长超 50%，毛利率为34.18%，同比降5.42 PCT，依然维持较高水平。国内汽车产销回暖，叠加新能源渗透率持续提升，公司大交通细分业务全面增长，上半年毛利率为22.79%，同比降5.45 PCT。主要产品毛利率下降，24H1 公司毛利率同比降6.43 PCT 至19.08%，净利率同比降3.93 PCT至6.78%。24Q2 公司归母净利润环比下降，除产品毛利率降0.75 PCT 外，三费环比增2700 万元，减值损失约1000 万元。24H1 公司经营性现金流净额-0.40 亿元，主要系本期购买商品、接受劳务支付的现金增加所致。24H1 公司存货周转率3.39，同比有所增长；应收账款周转率1.98，同比有所下降。Report guide
The company released its 2024 mid-year report, achieving revenue of 2.013 billion yuan, a year-on-year decrease of 3.26%; net profit to mother of 0.137 billion yuan, a year-on-year decrease of 38.76%; net profit after deducting non-attributable net profit of 0.094 billion yuan, a year-on-year decrease of 55.25%. Among them, 24Q2 achieved revenue of 1.043 billion yuan, up 4.02% year on year and 7.62% month on month; net profit to mother was 0.057 billion yuan, down 44.41% year on year and 27.64% month on month; net profit without return to mother was 0.036 billion yuan, down 63.17% year on year and 39.40% month on month. The results were slightly lower than our previous expectations.
Key points of investment
Sales of major products increased rapidly, but the drop in product prices dragged down the company's performance 24H1. The sales volume of the company's main adhesive products was about 0.1274 million tons, an increase of 31.53% year on year. However, due to the drop in product prices, revenue fell 3.26% year on year, and net profit to mother fell 38.76% year on year. 24H1's renewable energy/big electronics/big transportation revenue was 0.936 billion yuan, 0.305 billion yuan, and 0.485 billion yuan respectively, with year-on-year changes of -19.3%, +1.2%, and +20.1%, respectively. 24H1's photovoltaic adhesive sales increased by more than 20% year on year, but the decline in product prices dragged down the sector's revenue and profit. 24H1 renewable energy gross profit margin was 11.99%, down 11 PCT year on year. 24H1's large electronics sector achieved revenue growth under product price pressure, mainly due to the rapid increase in consumer electronics customers. Product sales increased by more than 50% year on year during the same period, gross margin was 34.18%, down 5.42 PCT year on year, and remained at a high level. Domestic automobile production and sales picked up, and the penetration rate of new energy sources continued to increase. The company's major transportation segment grew across the board. The gross margin for the first half of the year was 22.79%, down 5.45 PCT from the previous year. The gross margin of the main products declined. The gross margin of 24H1 company fell 6.43 PCT to 19.08% year on year, and the net margin fell 3.93 PCT to 6.78% year on year. In 24Q2, the company's net profit to mother declined month-on-month. In addition to a 0.75 PCT reduction in product gross margin, three fees increased by 27 million yuan month-on-month, and impairment losses were about 10 million yuan. The net operating cash flow of 24H1 Company is -0.04 billion yuan, mainly due to an increase in cash from purchases of goods and acceptance of labor payments during the current period. 24H1's inventory turnover ratio was 3.39, up year on year; accounts receivable turnover ratio was 1.98, down year on year.
Photovoltaic glue is expected to bottom out, and the volume of electronic vehicles will help growth
The company is a leading photovoltaic rubber company. Product prices continue to be under pressure due to falling prices of upstream raw materials, and profitability has declined markedly. The gross margin of the 24H1 renewable energy sector is only 12%. According to various company announcements, Xinan Co., Ltd. and Elken both announced price increases for their silicone products in August. On August 16, the price of 107 glue increased by 200 yuan/ton from the previous low. With the steady recovery of raw materials, the profitability of the company's photovoltaic adhesives is expected to bottom out. The company's big electronics and transportation revenue increased in the first half of the year. As Guangzhou's 0.0393 million ton electronic adhesive project continues to grow and customers of new lithium battery products continue to grow, the growth trend is expected to continue in the second half of the year.
Profit forecasting and valuation
Prices of major products were under pressure, and the company's net profit to mother for 24-26 was reduced to 0.213/0.281/0.308 billion yuan. The current price corresponding PE was 19.74/14.98/13.67 times. We believe that the company's photovoltaic adhesives are expected to bottom out, and electronic adhesives, transportation equipment adhesives, etc. are expected to be released quickly to help the company grow in the future and maintain its purchase rating.
Risk warning
Product price fluctuations; customer development falls short of expectations; production capacity investment falls short of expectations, etc.
