重点项目按计划有序推进，产品体系不断丰富。公司是中国中化旗下的新材料科技型平台企业，由中国昊华下属10 余家国家级科研院所改制而成，产品体系较为丰富。目前公司仍有重点项目处于建设阶段，公司预计下半年，曙光院10 万条/年高性能民用航空轮胎项目、昊华气体4600 吨/年电子气体项目完成竣工验收；中昊晨光2.6 万吨/年高性能有机氟材料项目机械竣工；黎明院46600 吨/年专用新材料项目按计划开展土建与安装施工；昊华气体西南电子特种气体项目开工建设。上述项目的陆续推进及释放，有助于丰富公司产品体系，完善公司在高端氟材料、电子特气等高端产品领域的布局。Haohua Technology released its 2024 mid-year report: The company achieved operating income of 3.459 billion yuan, YoY -19.63%, net profit to mother 0.37 billion yuan, and YoY -26.32% in the first half of 2024.
Prices of major products fell, leading to a decline in profit levels. On the revenue side, in the first half of 2024, the market competition for the company's main products was intense, and prices continued to drop. The company's business revenue such as fluorine chemicals declined, and the prices of the company's main products, such as polytetrafluoroethylene resin, fluorine rubber, and fluorine-containing gas were affected by factors such as increased supply, weak demand, and fierce market competition; rubber sealing products, special tires and special coatings changed significantly due to diverse product structures. In addition, the company has also taken the initiative to reduce low-margin trading operations.
On the profit side, the company's comprehensive gross margin increased 2.88 percentage points to 27.45% year on year, mainly due to the company's strengthened operation management and vigorously promoting cost reduction and efficiency measures to achieve results. However, the company's sales expenses, management expenses, and financial expenses increased during the period, leading to a year-on-year decline in the company's net interest rate, which affected the company's net profit level.
Key projects are progressing in an orderly manner according to the plan, and the product system is constantly being enriched. The company is a new material technology platform enterprise under Sinochem. It was restructured from more than 10 national research institutes under China's Haohua, and has a rich product system. At present, the company still has key projects in the construction stage. The company expects that in the second half of the year, Shuguangyuan's 0.1 million/year high-performance civil aviation tire project and the Haohua Gas 4,600 tons/year electronic gas project will be completed; Zhonghao Chenguang 0.026 million tons/year high-performance organic fluorine material project machinery will be completed; the 46600 tons/year special new materials project of Limingyuan will carry out civil construction and installation according to the plan; Haohua Gas Southwest Electronics Special Gas Project will begin construction. The successive promotion and release of the above projects will help enrich the company's product system and improve the company's layout in high-end product fields such as high-end fluorine materials and electronic specialty gases.
The acquisition of Sinochem Blue Sky accelerates the integration of the fluorine chemical industry chain. On August 1, the company announced the completion of the 100% share acquisition of Sinochem Blue Sky, and Sinochem Blue Sky has become a wholly-owned subsidiary of the company. Sinochem Blue Sky is mainly engaged in R&D, production and sales of products such as fluorine-containing lithium battery materials, fluorocarbon chemicals, fluoropolymers, and fluorine-containing fine chemicals. It has rich scientific and technological achievements, diverse product varieties, a wide range of applications, and leading the domestic market share. The acquisition will help listed companies exert industrial synergy, integrate high-quality resources within the Sinochem Group, strengthen alliances, and further improve the industrial layout of the company's fluorine chemical sector.
Company profit forecast and investment rating: The company is a new material technology platform enterprise under Sinochem. The orderly construction of new projects has helped the company to continuously enrich its product layout. We maintain our profit forecast for the company. That is, the net profit for 2024-2026 was 1,003, 11.58, and 1,319 billion yuan, respectively, and the corresponding EPS was 1.10, 1.27, and 1.45 yuan, respectively. The P/E values corresponding to the current stock price were 24, 21, and 18 times, respectively. Maintain a “Highly Recommended” rating.
Risk warning: Product prices are falling; the industry is investing in new production capacity too fast; downstream demand growth falls short of expectations.
