CAPCHEM(300037) 申万宏源·2024-11-05 03:41Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company reported a revenue of 5.667 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 1.51%, while the net profit attributable to shareholders was 701 million yuan, down 12% year-on-year [5] - The domestic electrolyte market remains under pressure, with the average price of electrolytes in Q3 2024 at 18,700 yuan per ton, a decline of 41.8% year-on-year and 12% quarter-on-quarter [5] - The company is expanding its global footprint in the electrolyte market, with a new production capacity of 40,000 tons per year in Poland and plans for an additional 50,000 tons [5] - The fluorochemical business is expected to grow, despite short-term depreciation pressures, with the company anticipating significant capacity increases from its acquisitions [5] Financial Summary - For 2024E, the company is projected to achieve a total revenue of 10.529 billion yuan, with a year-on-year growth rate of 40.7% [6] - The net profit for 2024E is estimated at 1.198 billion yuan, representing an 18.5% year-on-year increase [6] - The earnings per share (EPS) for 2024E is forecasted to be 1.59 yuan [6] - The company's return on equity (ROE) is expected to improve to 11.9% in 2024E [6] Market Comparison - The company's stock price has fluctuated between 27.18 yuan and 50.49 yuan over the past year, with a closing price of 39.19 yuan [2] - The company's market capitalization is approximately 21.407 billion yuan [2]