据Wind 数据，2024 年以来有机硅DMC 价格逐季下降，H1 均价14,635 元/吨、Q3（截至8 月25 日）均价13,477 元/吨，主要原材料价格持续低位和市场竞争加剧拖累密封胶产品售价下降。分业务看，2024H1 建筑胶、工业胶营收6.99、3.41 亿元，同比-9.77%、+16.50%；毛利率22.02%、28.77%，同比-3.06、+1.17pcts；建筑胶销量同比基本持平，市场占有率稳步提升；工业胶销量同比+29%，其中光伏胶、电子电器胶、汽车胶分别实现营收1.11、1.70、0.32 亿元，同比-0.98%、+35.49%、+45.30%；硅烷偶联剂营收1.13 亿元，同比+13.22%。盈利能力方面，2024H1 公司销售毛利率、净利率分别为22.45%、8.78%，相较2023 年报分别-2.81pcts、-3.32pcts。投资项目方面，目前公司已形成21 万吨/年有机硅材料产能；硅宝新能源5 万吨/年锂电池用硅碳负极材料及专用粘合剂项目已完成基础设施建设，正在进行设备安装和调试；2024 年7 月公司完成收购嘉好股份100%股权事项中首次交割工作开始并表，嘉好股份2024-2026 年承诺净利润应分别不低于4,200、4,350、4,500 万元。我们看好公司围绕新材料行业有序推进项目建设投资，成长动力充足，向百亿产值目标稳步迈进。Q2 Performance improved month-on-month, and steadily promoted capacity construction and investment mergers and acquisitions to help achieve the 10 billion output value target
The company released its 2024 mid-year report, achieving revenue of 1.158 billion yuan, -2.95% YoY; net profit to mother of 0.102 billion yuan, -23.12% YoY; deducted non-net profit of 0.093 billion yuan, or -29.25% YoY. Among them, Q2 achieved revenue of 0.684 billion yuan, +3.17% YoY, +44.14%; net profit to mother of 0.062 billion yuan, -20.33% YoY and +53.47% month-on-month; deducted non-net profit of 0.054 billion yuan, or -30.53% YoY and +42.37% month-on-month. Q2 Performance improved month-on-month. Considering that the continued low price of raw silicone DMC is dragging down revenue and gross margin year-on-year pressure on sealant prices, we lowered our 2024-2026 profit forecast. The company's net profit for 2024-2026 is 3.23 (-0.96), 4.31 (-1.08), and 5.03 (-1.64 billion) yuan (-1.64 billion) yuan, respectively. The corresponding EPS is 0.83, 1.10, and 1.29 yuan/share. The current stock price is 12.9, 9.6, and 8.3 times PE. We are optimistic that the company will steadily advance investment and mergers and acquisitions, strive to achieve the target output value of 10 billion dollars in the third decade of its establishment, and maintain a “buy” rating.
Low raw material prices dragged down product prices, and industrial rubber sales increased year-on-year. Jiahao Co., Ltd. merged since July
According to Wind data, the price of silicone DMC has declined quarterly since 2024. The average price for H1 is 14,635 yuan/ton, and the average price for Q3 (as of August 25) is 13,477 yuan/ton. Continued low prices of major raw materials and increased market competition have dragged down the sales price of sealant products. By business, 2024H1 construction glue and industrial glue generated revenue of 0.699, 0.341 billion yuan, -9.77%, +16.50%; gross profit margin was 22.02%, 28.77%, -3.06, +1.17pcts; sales volume of construction glue remained basically flat year on year, and market share increased steadily; sales volume of industrial rubber was +29% year over year, of which photovoltaic glue, electronic and electrical glue, and automotive glue achieved revenue of 0.111, 0.17, 0.032 billion yuan, respectively -0.98% and +35.49 %, +45.30%; revenue of silane coupling agents was 0.113 billion yuan, +13.22% year-on-year. In terms of profitability, 2024H1's gross sales margin and net margin were 22.45% and 8.78%, respectively, compared with the 2023 annual report of -2.81 pcts and -3.32 pcts, respectively. In terms of investment projects, the company has now formed a production capacity of 0.21 million tons/year of silicone materials; SiBao New Energy's 0.05 million tons/year silicon-carbon anode material and special adhesive project for lithium batteries has completed infrastructure construction and is undergoing equipment installation and commissioning; in July 2024, the first settlement of the company completed the acquisition of 100% of Jiahao shares began. The net profit promised by Jiahao Co., Ltd. for 2024-2026 should not be less than 42, 43.5, and 45 million yuan, respectively. We are optimistic that the company will promote project construction investment in an orderly manner around the new materials industry, have sufficient growth momentum, and make steady progress towards the 10 billion output value target.
Risk warning: Investment mergers and acquisitions have fallen short of expectations, fluctuating raw material and product prices, policies falling short of expectations, etc.
