公司盈利能力同环比均有提升。报告期内，公司销售费用2409 万元，同比-7.25%；管理费用3907 万元，同比-32.80%；研发费用8443 万元，同比-23.29；财务费用4275 万元，同比+58.73%。2 季度单季来看，公司电工绝缘材料实现销售收入1.32 亿元，环比+48.13%，销量1.38 万吨，环比+60.21%，价格9584 元/吨，环比-7.54%；新能源材料业务公司实现收入3.83 亿元，环比+14.94%，销量1.92 万吨，环比-1.89%，单价20002 元/吨，环比+17.16%；光学膜材料业务公司实现收入3 亿元，环比+42.69%,销量2.59 万吨，环比+43.42%，单价11581 元/吨，环比-0.51%；电子材料业务公司实现营业收入3.08 亿元，环比+35.01%，销量1.74 万吨，环比+51.25%，单价17699 元/吨，环比-10.74%；环保阻燃材料公司实现收入4354 万元，环比+25.84%，销量4436 吨，环比+26.01%，单价9816 元/吨，环比-0.14%。occurrences
On August 21, the company released its semi-annual report. The company achieved operating income of 2.122 billion yuan in the first half of 2024, +16.03%; in the first half of 2024, the net profit attributable to the owner of the parent company was 0.16 billion yuan, -27.45%. Of these, in a single quarter, the company achieved operating income of 1.202 billion yuan, +23.79% year-on-year, and +30.51% month-on-month; the company achieved net profit of 0.109 billion yuan, YoY- 27.08%, +115.11% month-on-month; the company's net profit without return to mother was 0.072 billion yuan, +16.94% YoY, +94.50% month-on-month, and the performance was in line with expectations.
profiling
The company's profitability increased year over month. During the reporting period, the company's sales expenses were 24.09 million yuan, -7.25%; management expenses were 39.07 million yuan, -32.80%; R&D expenses were 84.43 million yuan, -23.29 million yuan year on year; and financial expenses were 42.75 million yuan, +58.73% year over year. Looking at the second quarter, the company's electrical insulation materials achieved sales revenue of 0.132 billion yuan, +48.13% month-on-month, sales volume 0.0138 million tons, +60.21% month-on-month, price 9584 yuan/ton, -7.54% month-on-month; new energy materials business achieved revenue of 0.383 billion yuan, +14.94% month-on-month, sales of 0.0192 million tons, -1.89% month-on-month, unit price 20002 yuan/ton, +17.16% month-on-month; optical film materials business The company achieved revenue of 0.3 billion yuan, +42.69%, sales volume 0.0259 million tons, +43.42% month-on-month, unit price 1,1581 yuan/ton, -0.51% month-on-month; the electronic materials business company achieved operating income of 0.308 billion yuan, +35.01% month-on-month, sales of 0.0174 million tons, +51.25% month-on-month, unit price 17,699 yuan/ton, -10.74%; Environmental Flame Retardant Materials achieved revenue of 43.54 Million yuan, +25.84% month-on-month, sales volume 4,436 tons, +26.01% month-on-month, unit price 9816 yuan/ton, -0.14% month-on-month.
The company plans to invest in the construction of 0.02 million tons of electronic materials for high-speed communication substrates. According to the company's semi-annual report, the company plans to invest 0.7 billion yuan to build 0.02 million tons of materials for high-speed communication substrates, including: 5,000 tons of electron-grade low-dielectric loss thermosetting polyphenylene ether resin, 2000 tons of electron-grade non-crystalline maleimide resin, 1500 tons of electron-grade crystalline maleimide resin, 4000 tons of electronic-grade low dielectric loss active ester curing agent resin, 3,500 tons of electronic-grade low-dielectric loss phosphorus-containing flame retardant resin. We believe that against the backdrop of growing demand for high-performance copper-clad panels, the commissioning of these materials will further enhance the company's performance.
Profit Forecasts, Valuations, and Ratings
We expect the company's net profit for 2024/2025/2026 to be 0.361 billion/0.503 billion/0.657 billion yuan, EPS 0.40/0.56/0.73 yuan respectively, and corresponding PE is 15.54X, 11.15X, and 8.53X, respectively, maintaining the purchase rating.
Risk warning
The introduction of special epoxy resins fell short of expectations; the construction progress of high-frequency and high-speed materials fell short of expectations; demand for insulation materials declined; and the competitive pattern of new energy materials deteriorated.
