CCEM(300655) 光大证券·2025-04-28 01:43Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced significant impacts on its 2024 performance due to large goodwill impairments and plans to issue shares to acquire equity in Hubei Jingrui [1][9] - Despite the challenges faced in 2024, including a substantial net loss, the company is expected to see improvements in profitability starting from Q1 2025, driven by increased sales in high-purity chemicals and photoresists [5][11] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.435 billion yuan, a year-on-year increase of 10.44%, but reported a net loss of 180 million yuan, a decrease of 1312% compared to the previous year [5][11] - For Q1 2025, the company reported revenue of 370 million yuan, a year-on-year increase of 12.17%, and a net profit of 43.5 million yuan, marking a turnaround from losses [5][11] Business Segments - The high-purity chemicals segment generated revenue of 778 million yuan in 2024, up 11.9% year-on-year, with significant volume growth in products like high-purity hydrogen peroxide and sulfuric acid [6][11] - The photoresist business saw revenue of 198 million yuan, a growth of 27.61% year-on-year, with strong sales performance in positive photoresists [6][11] Goodwill Impairment and Asset Management - The company recorded a total goodwill impairment of 144 million yuan in 2024, with a remaining goodwill value of 28.35 million yuan at year-end, indicating manageable future impairment risks [7][11] - The increase in fixed asset depreciation by 76.14 million yuan in 2024 was attributed to new production lines coming online [7][11] Future Outlook - The company plans to acquire 76.0951% of Hubei Jingrui for 595 million yuan, which is expected to enhance its net profit after the acquisition [9][10] - Profit forecasts for 2025-2027 predict net profits of 101 million yuan, 134 million yuan, and 178 million yuan respectively, reflecting a positive growth trajectory [11][12]