CAPCHEM(SZ:300037) Xin Lang Cai Jing·2025-03-26 02:33Core Viewpoint - The company reported its 2024 annual results, showing a slight increase in revenue but a decrease in net profit, with ongoing global capacity expansion in its electrolyte and fluorochemical businesses [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 7.847 billion yuan, a year-on-year increase of 4.85%, while net profit attributable to shareholders was 942 million yuan, a decrease of 6.83% [1]. - For Q4 2024, revenue was 2.180 billion yuan, up 14.68% year-on-year and 4.56% quarter-on-quarter, with net profit at 241 million yuan, an increase of 12.62% year-on-year but a decrease of 15.73% quarter-on-quarter [1]. - The gross margin for Q4 2024 was 24.95%, down 1.14 percentage points year-on-year and 0.77 percentage points quarter-on-quarter [1]. Group 2: Business Segments - The battery chemicals segment shipped approximately 350,000 tons in 2024, a year-on-year increase of 66.8%, although product prices continued to decline, leading to only a slight increase in sales revenue [2]. - The fluorochemical business generated revenue of 1.529 billion yuan in 2024, a year-on-year increase of 7.25%, with a gross margin of 9.34% [2]. - The company’s capacitor chemicals revenue reached 766 million yuan, a year-on-year growth of 21.91%, while semiconductor chemicals revenue was 368 million yuan, up 18.35% year-on-year [3]. Group 3: Capacity Expansion - The company is advancing several projects, including the Nantong battery chemicals project and the Chongqing battery materials project, with a total designed capacity of 455,400 tons and 212,200 tons under construction, achieving a capacity utilization rate of 83.16% [2]. - In the fluorochemical sector, projects such as the Haidefu high-performance fluoromaterials project and the Sanming Haisefu fluorochemical project are under construction, with a focus on high-end fine chemicals [2]. Group 4: Future Outlook - The company expects revenues of 9.613 billion yuan, 11.690 billion yuan, and 13.655 billion yuan for 2025-2027, with year-on-year growth rates of 22.5%, 21.6%, and 16.8% respectively [3]. - Projected net profits for the same period are 1.097 billion yuan, 1.318 billion yuan, and 1.460 billion yuan, with growth rates of 16.5%, 20.2%, and 10.8% respectively [3].