维持“增持” 评级。公司上半年实现营收11.58亿元，同比-2.95%，实现归母净利1.02 亿元，同比-23.12%，倒算Q2 实现收入6.84 亿元，同比+3.17%，实现归母净利0.62 亿元，同比-20.33%，低于预期。考虑到部分胶类产品竞争加剧售价降低，下调公司2024-26 年eps 至0.67(-0.34)/0.78(-0.46)元/0.90(-0.55)元，参考可比公司24 年PE 为19.54 倍，下调目标价至13.09 元。Introduction to this report:
The company's 2024 mid-year report fell short of expectations. Among them, construction adhesives and industrial adhesives maintained the sales growth rate of leading industries, but increased price competition for some products compounded short-term cost increases, affecting profitability.
Key points of investment:
Maintain an “Overweight” rating. The company achieved revenue of 1.158 billion yuan in the first half of the year, -2.95% year over year, achieved net profit of 0.102 billion yuan, -23.12% year over year, and achieved revenue of 0.684 billion yuan in inverse Q2, +3.17% year over year, and achieved net profit of 0.062 billion yuan, compared to -20.33% year over year, lower than expected. Considering the increased competition of some rubber products and reduced sales prices, the company lowered its EPS to 0.67 (-0.34) /0.78 (-0.46) yuan/0.90 (-0.55) yuan in 2024-26. Refer to the comparable company's PE in 24 to 19.54 times, and the target price was lowered to 13.09 yuan.
Construction glue Q2 sales recovered year on year, and the share is still bucking the trend. The company's construction glue achieved revenue of 0.699 billion yuan in the first half of the year, -9.77%. Among them, construction glue sales remained flat year on year, and sales performance was better than revenue performance. The main Q1 was affected by the fall in DMC raw material prices and the reduction in organic silicone sales prices. After entering Q2, we expect construction adhesives to resume slight positive growth year on year.
From a downstream perspective, revenue from circulating adhesives and curtain wall adhesives continues to grow, but insulating glass is greatly affected by completion, and the company controls some shipments for cash flow safety. Overall, the company's concentration in the field of construction adhesives is still bucking the trend.
Electronics and automobiles perform well in industrial adhesives, and the pressure of photovoltaic adhesives increases. Industrial rubber achieved revenue of 0.341 billion yuan in the first half of the year, +16.50% year over year. Of these, industrial rubber sales volume was +29% year over year. Maintaining high sales growth indicates that the field of industrial rubber applications is still expanding. Looking at the breakdown, revenue from the main products in the first half of the year was +0.98%, +35%, and +45%, respectively. PV competition intensified the decline in sales prices, but the electronics and automotive sectors benefited from the “trade-in” catalyst and the expansion of new customers, and maintained a high growth rate.
Q2 Profitability fell short of expectations, with increased competition and higher costs for some products being the main factors. Construction adhesives and industrial adhesives achieved gross profit margins of 22.02% and 28.77% respectively in the first half of the year, -3.06 pct and +1.17 pct year on year. Due to the rapid narrowing of profits due to downstream completion profits, rubber prices were further compressed, and competition for products such as photovoltaics and power batteries in industrial adhesives is still fierce.
At the same time, cost-side sales and management rates were +0.93pct and +1.24pct, respectively. The increase in sales expenses was mainly an increase in the cost of market development activities, and management expenses were mainly a year-on-year increase in equity incentive expenses.
Risk warning: The development of new customers in the industrial rubber business fell short of expectations, and real estate completion stalled.
