CAPCHEM(300037) 德邦证券·2024-05-07 05:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 7.5 billion yuan in 2023, a year-on-year decrease of 23%, and a net profit attributable to shareholders of 1.01 billion yuan, down 42.5% year-on-year [5] - In Q1 2024, the company achieved a revenue of 1.5 billion yuan, a year-on-year decrease of 8% and a quarter-on-quarter decrease of 20%, with a net profit of 165 million yuan, down 33% year-on-year and 23% quarter-on-quarter [5] - The report highlights that the electrolyte business is under pressure due to intensified competition and a structural oversupply in the market, while the fluorochemical segment is expected to enter a strong growth cycle [5] Financial Performance Summary - The company’s revenue forecast for 2024-2026 has been adjusted to 7.8 billion, 9.3 billion, and 11.2 billion yuan respectively, with net profit forecasts of 1.244 billion, 1.525 billion, and 1.972 billion yuan respectively [5] - The corresponding price-to-earnings (PE) ratios are projected to be 21x, 17x, and 13x for the years 2024, 2025, and 2026 [5] - The gross margin for 2023 was reported at 28.9%, with expectations to improve to 30.5% in 2024 and further to 32.4% by 2026 [8] Market Comparison - The company’s stock performance has been compared to the CSI 300 index, showing a relative decline of 7.62% over 1 month and 28.78% over 3 months [3][2] - The report indicates that the company’s stock price has fluctuated between 29.80 and 52.08 yuan over the past 52 weeks [7] Research References - The report cites previous research on the company, including topics on profitability pressure and the potential for performance growth in the fluorochemical sector [4]