CAPCHEM(300037) 国海证券·2024-08-24 08:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q2 2024, with a revenue increase of 36.41% quarter-on-quarter, driven by the expansion of organic fluorochemical products [5][6] - The overall performance in the first half of 2024 was impacted by a slowdown in the new energy sector, increased competition in lithium battery materials, and declining product prices [4][5] Financial Performance Summary - In H1 2024, the company achieved a total revenue of 3.582 billion yuan, a year-on-year increase of 4.35%, but the net profit attributable to shareholders decreased by 19.54% to 416 million yuan [3][4] - Q2 2024 results showed a revenue of 2.067 billion yuan, up 15.75% year-on-year and 36.41% quarter-on-quarter, with a net profit of 251 million yuan, reflecting a year-on-year decrease of 7.54% but a quarter-on-quarter increase of 51.97% [3][5] Segment Performance Summary - Battery chemicals generated revenue of 2.293 billion yuan, up 4.44% year-on-year, with a gross margin of 13.65% [4] - Organic fluorochemicals reported revenue of 712 million yuan, down 4.72% year-on-year, with a gross margin of 62.22% [4] - Capacitor chemicals saw revenue of 365 million yuan, an increase of 20.07% year-on-year, with a gross margin of 40.48% [4] - Semiconductor chemicals achieved revenue of 177 million yuan, up 15.98% year-on-year, with a gross margin of 44.86% [4] Future Outlook - The company is expected to benefit from the exit of 3M from PFAS production, which may create opportunities in the organic fluorochemical market [6] - Revenue projections for 2024-2026 are estimated at 8.216 billion, 10.114 billion, and 12.911 billion yuan respectively, with net profits of 1.094 billion, 1.527 billion, and 2.014 billion yuan [7][16]