Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [19]. Core Insights - The company has announced a share repurchase plan using its own funds, with a budget of 23.77 million to 28.52 million yuan, aiming to buy back 1 million to 1.2 million shares, which represents 0.84% to 1.01% of its total share capital [19]. - New products are showing strong performance, particularly in lithium extraction agents and acid mist suppressants, with a recent patent obtained for a lithium extraction agent, enhancing its competitive edge in the lithium recycling industry [19]. - The company is progressing steadily with its fundraising projects, including a new production line for specialty surfactants, which is expected to increase production capacity and meet market demand [19]. - The company is shifting its focus from a single product line to a more diversified product structure, which is anticipated to improve profitability in the short term and reduce reliance on any single product in the long term [19]. - The current valuation is below the primary market, indicating a potential investment opportunity, with projected net profits for 2024-2026 adjusted to 137 million, 157 million, and 170 million yuan respectively [19]. Financial Summary - The company's total revenue for 2023 is reported at 442 million yuan, with a projected decrease to 406 million yuan in 2024, followed by increases to 493 million yuan in 2025 and 560 million yuan in 2026 [15]. - The net profit attributable to the parent company is expected to decrease from 150 million yuan in 2023 to 137 million yuan in 2024, before rising to 157 million yuan in 2025 and 170 million yuan in 2026 [15]. - The earnings per share (EPS) is projected to be 1.15 yuan in 2024, increasing to 1.32 yuan in 2025 and 1.42 yuan in 2026 [15].
康普化学：估值低于一级市场，底部回购彰显信心