CAPCHEM(300037) 东吴证券·2025-04-29 08:41Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 2 billion yuan, a year-on-year increase of 32.1% and a quarter-on-quarter decrease of 8.1%. The net profit attributable to shareholders was 230 million yuan, reflecting a year-on-year increase of 39.3% and a quarter-on-quarter decrease of 4.5% [8] - The report anticipates a turning point in fluorochemical and electrolyte segments in 2025, driven by high growth in electrolyte shipments and increasing overseas orders [8] - The company has acquired a 42% stake in Shilei, which is expected to enable self-supply of hexafluoropropylene, meeting 40-50% of its electrolyte demand [8] Financial Forecasts - Total revenue is projected to grow from 7,484 million yuan in 2023 to 16,678 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 27.95% [1] - Net profit attributable to shareholders is expected to increase from 1,011.07 million yuan in 2023 to 2,005.03 million yuan in 2027, reflecting a CAGR of about 23.97% [1] - The report forecasts earnings per share (EPS) to rise from 1.34 yuan in 2023 to 2.66 yuan in 2027, with a corresponding price-to-earnings (P/E) ratio of 25x for 2025 [1][8]