Kaili Catalyst & New Materials (688269) 申万宏源·2024-08-21 01:09Investment Rating - The report maintains an "Outperform" rating for the company [3]. Core Views - The company reported a revenue of 812 million yuan for the first half of 2024, a year-over-year decrease of 16.2%, and a net profit of 47 million yuan, down 48.7% year-over-year, which aligns with expectations [3]. - In Q2 2024, the company achieved a revenue of 508 million yuan, reflecting a year-over-year increase of 6.8% and a quarter-over-quarter increase of 66.5%, with a net profit of 35 million yuan, down 29.3% year-over-year but up 206.9% quarter-over-quarter [3]. - The company is expected to benefit from new product launches and a recovery in terminal demand, particularly in the propane dehydrogenation catalyst market, which is anticipated to contribute to future revenue growth [3]. Financial Summary - For 2024, the company is projected to achieve total revenue of 2,079 million yuan, with a year-over-year growth rate of 16.4% [4]. - The net profit forecast for 2024 is 137 million yuan, representing a year-over-year increase of 21.4% [4]. - The earnings per share (EPS) is expected to be 1.05 yuan for 2024, with a projected increase to 2.04 yuan by 2026 [4]. - The company's return on equity (ROE) is projected to improve from 4.8% in 2024 to 16.7% in 2026 [4].