CAPCHEM(SZ:300037) Xin Lang Cai Jing·2025-09-15 00:39Financial Performance - The company reported a revenue of 4.248 billion yuan for the first half of 2025, representing a year-over-year increase of 18.58% [1] - The net profit attributable to shareholders was 484 million yuan, up 16.36% year-over-year, while the net profit excluding non-recurring items was 466 million yuan, reflecting an 8.16% increase [1] - In Q2 2025, the company achieved a revenue of 2.246 billion yuan, which is an 8.65% year-over-year increase and a 12.16% quarter-over-quarter increase [1] Cost and Margin Analysis - The average price of battery-grade lithium carbonate fell to approximately 64,500 yuan per ton in Q2 2025, a decrease of 14.73% quarter-over-quarter, significantly impacting the profitability of the electrolyte business [2] - The gross margin for the electrolyte business was reported at 9.71% for the first half of 2025, down 3.94 percentage points year-over-year [2] - The company's Q2 2025 gross margin for the electrolyte business was 25.5%, showing a year-over-year decline of 2.87 percentage points but a quarter-over-quarter increase of 0.95 percentage points [1] Strategic Developments - The company is enhancing its global layout for electrolyte production, with the launch of a lithium-ion battery electrolyte project in Poland, contributing to a revenue of 2.815 billion yuan in the first half of 2025, a 22.77% increase year-over-year [2] - The acquisition of Shilei Fluorine Materials aims to fill the supply gap for hexafluorophosphate lithium, with planned production capacity expanding to 33,000 tons, aligning with the company's annual demand of 37,500 tons [2] Market Outlook - The liquid cooling technology is identified as a key solution for data center heat dissipation, with a projected global demand for fluorinated liquids reaching approximately 4,000 tons, translating to a market space of around 10 billion yuan based on a price of 250,000 yuan per ton [4] - The company is expected to maintain its profit forecasts for 2025-2027, with projected net profits of 1.178 billion yuan, 1.499 billion yuan, and 1.916 billion yuan, corresponding to PE valuations of 30X, 24X, and 18X respectively [4]