新宙邦点评报告：抄底补短板，布局产业链

Investment Rating - The report maintains a "Buy" rating for Shenzhen Capchem Technology Co Ltd (300037) [7][9] Core Views - The company plans to invest approximately 352 million yuan to increase its stake in Jiangxi Shilei Fluorine Materials Co Ltd, which will become a jointly controlled joint venture after the investment [3] - Jiangxi Shilei has a strong position in the lithium hexafluorophosphate (LiPF6) industry, with a current market share of 4.2% and plans to expand its capacity to 33,000 tons/year within three years [4] - The investment is strategically positioned at a low valuation, with potential cost advantages due to Jiangxi Shilei's innovative dynamic constant temperature crystallization technology [5] - The investment will enable Shenzhen Capchem to achieve a full industry chain layout in the electrolyte sector, from LiPF6 to solvents, additives, and electrolytes [6] - The company is expected to see significant profit growth, with projected net profits of 1.16 billion yuan, 1.86 billion yuan, and 2.49 billion yuan for 2024, 2025, and 2026, respectively [7] Financial Summary - Revenue is forecasted to grow from 7.48 billion yuan in 2023 to 16.87 billion yuan in 2026, with year-on-year growth rates of 31.46%, 33.54%, and 28.40% for 2024, 2025, and 2026, respectively [8] - Net profit attributable to shareholders is expected to increase from 1.01 billion yuan in 2023 to 2.49 billion yuan in 2026, with growth rates of 15.02%, 59.81%, and 34.13% for the respective years [8] - The company's PE ratio is projected to decrease from 27.51 in 2024 to 12.84 in 2026, indicating improving valuation metrics [8] Industry and Market Position - Jiangxi Shilei is positioned in the second tier of the global LiPF6 industry, with a current effective global capacity of approximately 360,000 tons in 2023 [4] - The company benefits from access to fluorite resources, with a long-term supply agreement for fluorite concentrate from its parent company, Shilei Group [4] - The LiPF6 market has shown signs of recovery, with prices rising by approximately 4,000 yuan to 58,500 yuan/ton, which could enhance the company's profitability if the electrolyte industry continues to improve [6]