Investment Rating - The investment rating for the company is "Outperform" [6] Core Insights - The company reported lower-than-expected performance in Q3 2024, with revenue of 285 million yuan, down 17.4% year-on-year, and a net profit of 79.25 million yuan, down 30.8% year-on-year [6] - The decline in revenue is attributed to a lack of new demand for copper extraction agents, while the gross margin remains high at 44.8%, supported by increased sales of high-margin lithium extraction agents [6] - The establishment of a new technical research institute has led to increased management and technical personnel costs, impacting overall expenses [6] - An employee stock ownership plan was announced, reflecting the company's confidence in long-term stable development [6] - The company is well-positioned to enter the lithium battery and urban mining resource recovery sectors, aligning with national policy directions [6] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 285 million yuan, with a year-on-year decline of 17.4% [7] - The net profit for the same period was 79 million yuan, down 30.8% year-on-year, with a net profit margin of 27.8% [6][7] - The company expects to achieve net profits of 107 million yuan, 118 million yuan, and 137 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 28, 26, and 22 [6][7] Market Comparison - The company's stock price has shown a significant decline compared to the market index, with a one-year high of 50.50 yuan and a low of 14.03 yuan [2] - The current market capitalization is approximately 2.107 billion yuan [2]
康普化学：技术研究院落成伊始致费用承压，员工持股计划稳长期发展信心