彤程新材：2024年半年报点评：橡胶助剂及光刻胶放量，拟投资3亿元建设CMP项目

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong performance in specialty rubber additives and electronic chemicals, as well as its strategic investments in the CMP project [1][5] Core Views - The company achieved revenue of 1.576 billion yuan in H1 2024, a YoY increase of 15.1%, with net profit attributable to shareholders of 313 million yuan, up 40.4% YoY [1] - Specialty rubber additives contributed 1.2 billion yuan in revenue, a 13.3% YoY increase, while electronic chemicals revenue grew 35.3% YoY to 340 million yuan [1] - The company's semiconductor photoresist revenue surged 54.4% YoY to 128 million yuan, and panel photoresist revenue increased 27.8% YoY to 159 million yuan [1] - The company plans to invest 300 million yuan in a CMP project, which is expected to produce 250,000 semiconductor polishing pads annually, generating 800 million yuan in sales at full capacity [1] Financial Performance - Revenue for 2024E is projected at 3.531 billion yuan, with a YoY growth of 19.95%, and net profit is expected to reach 559 million yuan, up 37.43% YoY [2] - EPS for 2024E is forecasted at 0.93 yuan, with ROE (diluted) at 15.47% [2] - The company's P/E ratio for 2024E is estimated at 28, and P/B ratio at 4.4 [2] Market Position - The company holds a 25.9% market share in domestic panel photoresist, making it the largest local supplier, with a 55%+ share in the largest domestic panel manufacturer B [1] - The company's KrF photoresit growth exceeded 60% in H1 2024, while chemical amplification I-line photoresist grew over 500% [1] Strategic Initiatives - The company is focusing on building a platform-type company in electronic materials, with successful product certifications for high-resolution KrF, ArF photoresist, and BARC products [1] - The CMP project is part of the company's strategy to expand its presence in the semiconductor materials sector [1] Profitability and Valuation - The company's gross margin is expected to improve to 25.6% in 2024E, up from 23.7% in 2023 [7] - ROE (diluted) is projected to increase to 19.18% by 2026E, reflecting strong profitability growth [7] - The company's EV/EBITDA ratio is forecasted to decline to 29.4 in 2024E, indicating improving valuation metrics [7]