创新新材：盈利能力提升，高端化全球化提升市场竞争力

Investment Rating - The report maintains a "Buy - A" rating for the company with a 6-month target price of 5.94 CNY per share, compared to the current price of 3.80 CNY [4]. Core Views - The company achieved a revenue of 38.733 billion CNY in the first half of 2024, representing a year-on-year increase of 9.94%. The net profit attributable to shareholders was 578 million CNY, up 13.87% year-on-year [1]. - The company is actively expanding its high-end product offerings and enhancing its global presence, which is expected to improve market competitiveness [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 20.954 billion CNY, a year-on-year increase of 11.85% and a quarter-on-quarter increase of 17.86%. The net profit attributable to shareholders was 297 million CNY, up 22.49% year-on-year and 5.29% quarter-on-quarter [1]. - The production volume in the first half of 2024 reached 2.4408 million tons, a year-on-year increase of 5.40%, driven by ongoing capacity expansions [2]. Revenue Breakdown - Revenue from various product segments includes: - Bars: 23.395 billion CNY (60.40%) - Profiles: 1.591 billion CNY (4.11%) - Sheets and Foils: 5.256 billion CNY (13.57%) - Aluminum Rods and Cables: 7.838 billion CNY (20.24%) - Structural Components: 59 million CNY (0.15%) [2]. Strategic Initiatives - The company is focusing on high-end product development, particularly in automotive lightweight profiles and 3C consumer electronics profiles, with production capacity being expanded in Shandong and Vietnam [3]. - Investments in Vietnam and Mexico amounting to approximately 1.93 billion USD and 1.97 billion USD respectively are aimed at establishing a global supply chain for 3C consumer electronics and automotive lightweight aluminum materials [3]. Future Projections - The company is projected to achieve revenues of 75.35 billion CNY, 76.22 billion CNY, and 77.48 billion CNY for the years 2024, 2025, and 2026 respectively, with net profits expected to be 1.111 billion CNY, 1.517 billion CNY, and 1.605 billion CNY for the same years [8].