凯赛生物：Q2业绩环比大幅改善，二元酸景气度持续回暖

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has significantly improved quarter-on-quarter, with the demand for dicarboxylic acid continuing to recover [1] - In Q2 2024, the company reported operating revenue of 760 million yuan, a year-on-year increase of 44.72% and a quarter-on-quarter increase of 10.99% [1] - The net profit attributable to the parent company was 142 million yuan, a year-on-year decrease of 22.90% but a quarter-on-quarter increase of 35.08% [1] - The gross profit margin has rebounded, reaching 33.51% in Q2 2024, up 4.83 percentage points from the previous quarter [1] - The company is actively developing bio-based polyamide composite materials for applications in new energy equipment, modern logistics, and green construction [1] Financial Performance Summary - The company expects net profits attributable to the parent company for 2024, 2025, and 2026 to be 527 million, 712 million, and 925 million yuan respectively, with year-on-year growth rates of 43.8%, 35.1%, and 29.9% [2] - The projected P/E ratios for the same years are 40, 30, and 23 times [2] - The operating revenue for 2024 is estimated at 4.34 billion yuan, with a year-on-year growth of 105.2% [4] - The gross profit margin is expected to be 26.1% in 2024, with a gradual increase in subsequent years [4][6] - The company has increased its R&D expenditure by 16.12% year-on-year in the first half of 2024, focusing on the development of green bio-based long-chain dicarboxylic acid products [5]