研报掘金丨国盛证券：首予利柏特“买入”评级，卡位核电模块建造趋势

Core Viewpoint - The report from Guosheng Securities highlights that Libat Chemical, a leader in chemical modular manufacturing, is strategically positioning itself in the nuclear power module construction trend, aiming to capture new growth opportunities in this sector [1] Group 1: Company Overview - Libat Chemical specializes in large-scale chemical module manufacturing and EPFCO engineering services, with a strong client base including major players like BASF, Invista, and Covestro [1] - The company has seen a continuous improvement in gross profit margins due to the settlement of large projects with BASF, and its return on equity (ROE) significantly outperforms its peers [1] Group 2: Financial Performance - From 2020 to 2024, the average net present value ratio is projected to be 179%, indicating excellent profitability quality [1] - The industrial modularization penetration rate is steadily increasing, and the demand in the chemical sector remains robust [1] Group 3: Growth Prospects - The company plans to raise 750 million yuan through convertible bonds to invest in a new base in Nantong, which will help it enter the nuclear power sector and create new growth points [1] - The nuclear power module business is expected to contribute an additional 460 million yuan in performance, with a projected modularization revenue of 4.6 billion yuan based on a 10% net profit margin [1] Group 4: Valuation - The current stock price corresponds to price-to-earnings (PE) ratios of 28, 25, and 17 times for the next three years, respectively [1] - The anticipated breakthrough in the nuclear power business is expected to significantly enhance performance, leading to a "buy" rating for the stock [1]