KINGFA(600143) 海通国际·2024-09-13 10:31Investment Rating - The report does not explicitly state the investment rating for the company Core Viewpoints - The company is the world's largest manufacturer of modified plastics, with a comprehensive range of products used across various industries including automotive, home appliances, electronics, and new energy [1][5] - The company has shown continuous revenue growth from 2021 to the first half of 2024, with operating income increasing from 401.99 billion yuan in 2021 to 233.47 billion yuan in 2024H1, reflecting a year-on-year growth of 14.73% [2][5] - The demand for environmentally friendly recycled plastics is expected to grow significantly, with the global market projected to reach approximately 27.34 billion USD by 2032, driven by the "double carbon" trend [3][5] - The modified plastics industry is expected to see increased concentration, with the company maintaining a growing market share in key sectors such as automotive and electronics [3][6] Summary by Sections Company Overview - The company was founded in May 1993 and listed on the Shanghai Stock Exchange in June 2004, focusing on modified plastics, green petrochemicals, new materials, and medical healthcare [1][5] - By the end of 2023, the company had a domestic design capacity of 2.426 million tonnes for modified plastics and various capacities for other products, including 489,000 tonnes for environmentally friendly high-performance recycled plastics [1][5] Financial Performance - The company achieved operating income of 401.99 billion yuan in 2021, 404.12 billion yuan in 2022, 479.41 billion yuan in 2023, and 233.47 billion yuan in 2024H1, with respective year-on-year growth rates of +14.65%, +0.53%, +18.63%, and +14.73% [2][5] - The recurring net profit showed fluctuations, with a significant decline in 2023 due to rising costs and increased expenses, but a slower decline in 2024H1 [2][5] Business Segments - In 2024H1, the modified plastics segment generated 138.87 billion yuan in revenue, a 19.18% increase year-on-year, with sales volume rising by 27.43% to 1.093 million tonnes [2][5] - The green petrochemical segment saw a revenue increase of 48.37%, while the new materials segment achieved a sales volume growth of 27.01% [2][5] - The healthcare segment experienced a decline in sales revenue by 34.13% year-on-year [2][5] Market Trends - The report highlights the growing demand for environmentally friendly recycled plastics, with a projected compound annual growth rate of 10.60% from 2024 to 2032 [3][5] - The modified plastics industry is expected to consolidate, with the company expanding its production capacity both domestically and internationally, aiming to enhance its market share [3][6]