Investment Rating - The investment rating for the company is upgraded to "Outperform" [3] Core Views - The company has entered trial production for its 20,000 tons per year specialty surfactant project, which is a significant development [3] - The company reported a revenue of 285 million yuan for the first three quarters of 2024, a decrease of 17.38% year-on-year, and a net profit of 79.25 million yuan, down 30.77% [3] - The company has established a 100-ton level green comprehensive utilization facility for retired battery metals, which is expected to benefit from the increasing resource recovery policies [4] - The company maintains a high gross margin, with a gross margin of 44.7% projected for 2024 [6] Financial Summary - The total market capitalization of the company is 3.189 billion yuan, with a circulating market capitalization of 2.230 billion yuan [1] - The company's revenue is projected to be 389 million yuan in 2024, with a year-on-year decrease of 12.1%, followed by a recovery to 468 million yuan in 2025 and 546 million yuan in 2026 [6] - The expected net profit for 2024 is 124 million yuan, with a projected EPS of 1.04 yuan per share, and a PE ratio of 25.7 times [6] - The company has a high research and development expense ratio of 4.43% for the first three quarters of 2024, indicating a strong commitment to innovation [4]
康普化学：北交所信息更新：年产2万吨特种表面活性剂项目进入试生产，关注资源回收政策加码