Suqian Unitech (SH:603065) Huaan Securities·2024-07-02 06:30Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment to the profit forecast for 2024-2025 [3][9]. Core Views - The company is focusing on the layout of organic liquid flow battery electrolytes, aiming for cost reduction and efficiency improvement [9]. - The company has successfully passed the technology achievement appraisal for key materials and equipment related to water-based organic liquid flow batteries, indicating a high level of maturity and recognition for this energy storage technology [9]. - The company plans to invest in the construction of a 34,900-ton energy storage liquid flow battery electrolyte project, which is expected to enhance its product structure and long-term strategic development [9]. Financial Summary - The projected net profit attributable to the parent company for 2024-2026 is estimated at 82 million, 118 million, and 159 million yuan, respectively, with year-on-year growth rates of 9.2%, 43.9%, and 34.4% [3][10]. - Revenue for 2024-2026 is forecasted to be 1.582 billion, 1.883 billion, and 2.258 billion yuan, with corresponding year-on-year growth rates of 11.6%, 19.0%, and 19.9% [10]. - The company's P/E ratios for 2024-2026 are projected to be 38X, 27X, and 20X, respectively [3][10]. Business Development - The company is expanding its industrial chain layout both vertically and horizontally, which is expected to bring cost advantages and scale benefits [9]. - The company has successfully mass-produced key intermediates and is advancing various projects, including a 15,000-ton diacid dimethyl ester project and a 30,000-ton/year adiponitrile/adipamine project, with completion dates set for 2024 [9].