宏和科技：24Q2扭亏，黄石宏和渐入佳境

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating given [4]. Core Insights - The company reported a revenue of 410 million yuan for the first half of 2024, representing a year-over-year increase of 41.4%. The net profit attributable to the parent company was 1 million yuan, indicating a turnaround from losses, while the non-recurring net profit was a loss of 5 million yuan, showing a narrowing of losses compared to the previous year [2][6]. - In the second quarter of 2024, the company achieved a revenue of 220 million yuan, up 31.2% year-over-year and 14.7% quarter-over-quarter. The net profit attributable to the parent company was 9 million yuan, and the non-recurring net profit was 6 million yuan, marking the first quarterly profit since 2023 [2][6]. - The recovery in electronic fabric prices has contributed to improved revenue and a return to profitability. The company possesses leading global manufacturing capabilities in high-end electronic fabrics, and the launch of the Huangshi Honghe project has enhanced its self-supply capacity for ultra-fine yarn, strengthening its competitive position [2][6]. Financial Performance Summary - For the first half of 2024, the company sold 100 million meters of electronic fabric, a year-over-year increase of 38.8%, with a sales rate of 106%. In the second quarter, sales reached 52.61 million meters, up 19.1% year-over-year and 8.6% quarter-over-quarter [6]. - The average price of electronic fabric in the first half of 2024 was 3.7 yuan/meter, down 2.6% year-over-year. In the second quarter, the average price remained at 3.7 yuan/meter, showing a year-over-year increase of 1.9% [6]. - The gross profit margin for the first half of 2024 was 15.1%, up 5.6 percentage points year-over-year, while the second quarter gross profit margin was 17.7%, up 13.3 percentage points year-over-year [6]. - The company forecasts revenues of 800 million, 970 million, and 1.18 billion yuan for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 21.1% for each year. The net profit attributable to the parent company is expected to be 20 million, 50 million, and 120 million yuan for the same years, with significant growth rates of 134.1%, 124.7%, and 144.5% [6][7].