CAPCHEM(SZ:300037) Xin Lang Cai Jing·2025-04-07 02:48Core Viewpoint - The company faces challenges in 2024 due to intense competition in battery chemicals, a slowdown in the new energy industry, and increasing operational costs, leading to a projected decline in net profit despite a slight increase in revenue [1][2]. Revenue Breakdown - In 2024, the company's battery chemical business generated revenue of 5.116 billion yuan, a year-on-year increase of 1.24%, but profitability declined due to intensified competition and price drops [2] - The organic fluorine chemical business achieved revenue of 1.529 billion yuan, up 7.25%, supported by stable demand and ongoing capacity ramp-up [2] - The capacitor chemical business saw revenue of 766 million yuan, a significant increase of 21.91%, driven by demand from emerging industries [2] - The semiconductor chemical business reported revenue of 368 million yuan, an 18.35% increase, with strong growth in integrated circuit applications [2] Cost and Cash Flow Analysis - In 2024, the company's operating expenses as a percentage of revenue were 1.51% for sales, 4.89% for management, 5.01% for R&D, and 0.43% for finance, with mixed year-on-year changes [3] - The net cash flow from operating activities was 818 million yuan, a significant decline of 76.26% due to reduced bank acceptance bill discounts and extended accounts receivable periods [3] Market Dynamics - The average price of domestic electrolyte in 2024 was 19,936 yuan per ton, reflecting a year-on-year decrease of 41.43% [2] - Following 3M's decision to exit PFAS production by the end of 2025, the company is positioned to benefit from this market shift, leveraging its established fluorochemical industry chain [4] Profit Forecast - Revenue projections for 2025-2027 are 9.868 billion, 12.557 billion, and 15.099 billion yuan, with corresponding net profits of 1.152 billion, 1.541 billion, and 1.747 billion yuan, indicating a positive growth outlook [5]