联泓新科：二季度业绩显著回暖，新项目打开未来空间

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][3]. Core Views - The company's performance showed a significant recovery in Q2 2024, with a 74% quarter-on-quarter growth despite a 57% year-on-year decline in the first half of the year. The introduction of new projects is expected to open up future growth opportunities [3]. - The company's EVA particle production is anticipated to further reduce costs, with the POE particle facility expected to commence production in 2025, potentially enhancing revenue and profit growth [3]. - The report highlights that the company's revenue for the first half of 2024 was 3.31 billion RMB, a year-on-year increase of 3.31%, while net profit decreased by 56.82% to 141 million RMB [3][5]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 3.31 billion RMB, with a net profit of 141 million RMB, reflecting a 56.82% decline year-on-year. However, the adjusted net profit (excluding non-recurring items) increased by 60.73% to 112 million RMB [3][5]. - The average price of photovoltaic EVA particles in H1 2024 was approximately 11,600 RMB/ton, down about 29% year-on-year, impacting sales revenue [3]. - The company’s EVA particle sales revenue was 796 million RMB, a decrease of 22.93% year-on-year, with a gross margin of 36.25%, down 6.68 percentage points [3]. Future Growth Prospects - Several projects are expected to commence production between 2024 and 2025, including a 90,000-ton/year VA facility and a 20,000-ton/year UHMWPE facility, which are anticipated to contribute to revenue growth [3]. - The company plans to launch a 100,000-ton/year POE facility in 2025, which has already passed necessary approvals, and a 200,000-ton/year EVA facility is also in the pipeline [3]. Valuation - The report adjusts the earnings per share (EPS) forecasts for 2024-2026 to 0.29, 0.37, and 0.57 RMB, respectively, with corresponding price-to-earnings ratios of 44.7, 35.5, and 22.8 times [3][4].