AKL(SH:603722) Huaan Securities·2024-09-04 04:30Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The demand for polyether amines is awaiting recovery, and the COC thousand-ton facility is ready for deployment [1] - The company's revenue for the first half of 2024 was 2.42 billion yuan, a year-on-year decrease of 13.30%, with a net profit attributable to shareholders of 1.98 million yuan, down 87.75% year-on-year [1] - The company is facing pressure on prices and profitability due to capacity expansion in the polyether amine industry and lower-than-expected offshore wind power installations [1][2] - The company maintains a focus on high-end, quality clients and has established good relationships with well-known companies [1] - The COC material has achieved mass production and is expected to meet regulatory requirements for trial production [1] Financial Summary - The company expects net profits for 2024-2026 to be 0.22 billion yuan, 1.07 billion yuan, and 2.21 billion yuan, respectively, with corresponding P/E ratios of 147.40X, 29.73X, and 14.45X [2] - Revenue is projected to recover with a year-on-year growth of 9.7% in 2024, followed by 54.3% in 2025 and 36.5% in 2026 [4][7] - The gross margin is expected to stabilize around 14.5% in 2024, increasing to 30.5% by 2026 [4][7] - The company’s total assets are projected to grow from 933 million yuan in 2023 to 1.384 billion yuan in 2026 [6][7]