硅宝科技：24Q2业绩符合预期，工业胶销量同比增长

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][10]. Core Views - The company's revenue for the first half of 2024 was CNY 1.158 billion, a year-on-year decrease of 3.0%, while net profit attributable to shareholders was CNY 102 million, down 23.1% year-on-year [1]. - In Q2 2024, the company achieved revenue of CNY 684 million, representing a year-on-year increase of 3.2% and a quarter-on-quarter increase of 44.1% [1]. - The industrial adhesive business saw a year-on-year revenue increase of 16.5%, while the construction adhesive revenue decreased by 9.8% due to the impact of the construction and real estate sectors [1]. - The company is expanding its industrial adhesive applications in photovoltaic solar energy, power batteries, automotive manufacturing, and electronics, enhancing market share through collaboration with leading downstream clients [1]. Financial Performance - The gross profit for H1 2024 was CNY 260 million, a decrease of 12.4% year-on-year, with a gross margin of 22.5%, down 2.4 percentage points year-on-year [1]. - The company’s total expenses for H1 2024 were CNY 150 million, an increase of CNY 17 million year-on-year, primarily due to increased sales and management expenses [1]. - The company’s projected net profit for 2024-2026 is CNY 310 million, CNY 400 million, and CNY 470 million respectively, with a maintained "Buy" rating despite a downward revision from previous estimates [1][2]. Business Developments - The company is progressing with its silicon-carbon anode project, with a production capacity of 50,000 tons per year for lithium battery silicon-carbon anode materials and specialized adhesives [1]. - The acquisition of 100% of Jiahua Co. is expected to enhance the company's competitiveness in the hot melt pressure-sensitive adhesive sector, with profit commitments of no less than CNY 42 million, CNY 43.5 million, and CNY 45 million for 2024-2026 [1]. - The establishment of a new materials research and development center in Shanghai, with an investment of CNY 150 million, aims to strengthen the company's R&D capabilities [1].