上市6年股价下跌43%，现3.98元，抄底投资者被套

Core Viewpoint - The company has experienced a significant decline in stock price since its IPO, with a current price of 3.98 yuan compared to the initial offering price of 10.17 yuan, reflecting a drop of 68% and a market capitalization reduction to 15.8 billion yuan [1][5][16] Financial Performance - The company's net profit has decreased from 18.5 billion yuan in the first year post-IPO to 2.14 billion yuan in the first three quarters of the current year, indicating a continuous decline in profitability [3][12] - The profit margin is eroding, with the latest financial reports showing a consistent drop in earnings over the years [3][12] Shareholder Dynamics - The number of shareholders has decreased from 75,800 in 2023 to 64,200 in 2024, reflecting fluctuating market sentiment [5][7] - After the third-quarter report, there was a slight increase in shareholder numbers by 3.03%, indicating mixed market perceptions [7] Market Sentiment - The stock has shown minimal rebounds, with any gains quickly reversed, highlighting a lack of investor confidence [7][11] - The market is characterized by a dichotomy of opinions, with some investors believing the stock has bottomed out while others anticipate further declines [7] Operational Challenges - The company faces challenges related to raw material price fluctuations and order cycles, which impact gross margins [9] - Environmental regulations and weak downstream demand in the chemical industry are additional factors affecting profitability [9] Management and Strategy - The management has discussed plans for capacity expansion and cost reduction, but there has been no immediate improvement in performance [5][12] - Despite ongoing R&D investments, the time required for capacity release and market absorption continues to pressure profit margins [12][14] Investor Relations - During investor meetings, management reiterated a commitment to stable operations and long-term planning, but shareholder skepticism remains regarding the use of raised funds and project progress [14][16] - Analysts categorize the stock as "value waiting type," indicating uncertainty in long-term value and concentrated short-term risks [16]