Investment Rating - The investment rating for Hechang Polymer is maintained at "Outperform" [1] Core Views - Hechang Polymer reported a revenue increase of 15.89% year-on-year for H1 2024, reaching 693 million yuan, with a net profit attributable to shareholders of 58.96 million yuan, up 11.33% [2] - The company is focusing on green and environmentally friendly innovations, particularly in PLA (polylactic acid) and other biodegradable materials [4] - The establishment of a subsidiary in Suqian and an increase in export orders align with industry growth trends [3] Financial Performance Summary - H1 2024 operating cash flow improved by 44.6%, with a net cash flow of -39.11 million yuan, indicating increased cash receipts from modified plastic sales [2] - The company expects net profits of 132 million yuan, 163 million yuan, and 188 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 9.9, 8.0, and 6.9 [2][6] - The gross profit margin is projected to be 17.0% in 2024, with a net profit margin of 8.1% [6] Business Expansion and Innovation - The company has completed its dual-base layout in East China and Northwest China, equipped with advanced automated production lines to meet strategic customer needs [3] - Hechang Polymer's participation in the CHINAPLAS 2024 exhibition showcased its innovative biodegradable products, emphasizing its commitment to sustainability [4] - The company has applied for two invention patents related to biodegradable polymer materials, further enhancing its product offerings [4]
禾昌聚合：北交所信息更新：加大PLA聚乳酸等绿色环保塑料创新，2024H1营收+16%