天安新材：Q2业绩增势向好，泛家居战略持续推进

Investment Rating - The investment rating for the company is "Accumulate" [2][5]. Core Views - The company's Q2 performance shows positive growth, with a year-on-year increase in revenue of 1.72% and a net profit growth of 43.46% [2][3]. - The acquisition of a 51% stake in Southern Design Institute enhances the company's capabilities in the public decoration and architectural design sectors, further promoting the integration of the home furnishing industry chain [3][5]. - The company is expected to maintain a growth trajectory in net profit for 2024 to 2026, with projected figures of 1.53 billion, 1.94 billion, and 2.33 billion respectively, reflecting year-on-year growth rates of 26%, 27%, and 20% [5][6]. Financial Performance Summary - Revenue for 2022 was 2,716 million, increasing to 3,142 million in 2023, with projections of 3,536 million for 2024 [2][6]. - The net profit for 2022 was -165 million, turning positive to 121 million in 2023, with an expected increase to 153 million in 2024 [2][6]. - The company's return on equity (ROE) improved from -33.0% in 2022 to 18.3% in 2023, with a forecast of 19.0% for 2024 [2][9]. - The earnings per share (EPS) is projected to rise from 0.40 in 2023 to 0.50 in 2024 [2][9]. Business Segment Performance - The sales volume for home decoration materials, automotive interior materials, films, artificial leather, and building fireproof panels in the first half of the year were 0.49 thousand tons, 0.54 thousand tons, 2.32 thousand tons, 0.20 thousand tons, and 168.25 thousand sheets respectively, with year-on-year changes of +12.71%, +16.56%, +35.62%, -35.42%, and -20.03% [2][3]. - Revenue from these segments showed mixed results, with home decoration materials and automotive interior materials increasing by 10.07% and 12.21% respectively, while building fireproof panels and artificial leather saw declines of -34.75% and -19.84% [2][3]. Cost and Margin Analysis - The gross margin for the first half of the year was 21.98%, a slight decrease of 0.42 percentage points year-on-year, while the net margin improved by 0.94 percentage points to 4.57% [3][9]. - The company managed to reduce its operating expense ratio to 15.97%, down by 2.19 percentage points year-on-year, with sales, management, and financial expense ratios all showing declines [3][9].