CAPCHEM(SZ:300037) Minsheng Securities·2024-08-21 08:11Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 31.32 yuan [2]. Core Views - The company achieved a revenue of 3.582 billion yuan in H1 2024, a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 19.54% to 416 million yuan [1]. - In Q2 2024, the company reported a revenue of 2.067 billion yuan, a year-on-year increase of 15.75% and a quarter-on-quarter increase of 36.41%, with a net profit of 251 million yuan, down 7.54% year-on-year but up 51.97% quarter-on-quarter [1]. - The company is actively expanding its electrolyte production capacity globally, with nine production bases established worldwide, including eight in China and one in Europe [1]. - The organic fluorochemical business has a broad application in various fields such as pharmaceuticals, digital infrastructure, AI, and big data, despite a 4.72% decline in revenue to 712 million yuan in H1 2024 [1]. - Revenue from capacitor chemicals grew by 20.07% to 365 million yuan, and semiconductor chemicals increased by 15.98% to 177 million yuan in H1 2024, benefiting from the recovery in the semiconductor integrated circuit sector [1]. Financial Summary - The company forecasts revenues of 7.993 billion yuan, 10.157 billion yuan, and 12.678 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 6.8%, 27.1%, and 24.8% [2][6]. - The net profit attributable to shareholders is projected to be 1.104 billion yuan, 1.335 billion yuan, and 1.614 billion yuan for the same years, with growth rates of 8.5%, 21.7%, and 20.9% [2][6]. - The current price-to-earnings (PE) ratios are 22, 18, and 15 for the years 2024, 2025, and 2026, respectively [2][6].