HIFICHEM(300758) 光大证券·2024-10-15 07:08Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 175 million, 250 million, and 313 million yuan for 2024, 2025, and 2026, respectively [2] Core Views - The company's performance has significantly improved due to increased production and sales of high-performance organic pigments and the release of new materials such as special polyurethane and special nylon [1] - The global high-performance organic pigment industry is expected to optimize, benefiting leading companies like the report's subject due to stricter environmental policies and overcapacity in classic organic pigments [2] Financial Performance - The company is expected to achieve a net profit of 115-125 million yuan for the first three quarters of 2024, a turnaround from losses in the same period last year [1] - In Q3 2024, the company is expected to achieve a net profit of 47.8-57.8 million yuan, a year-on-year increase of 500%-626% and a quarter-on-quarter increase of 4.8%-26.7% [1] - The company's dye and pigment business revenue reached 600 million yuan in the first half of 2024, a year-on-year increase of 30.8%, with a gross margin of 35.2%, up 12 percentage points year-on-year [1] New Material Projects - The company's 3,000-ton PPDI-type polyurethane elastomer material project began production in the first half of 2024, with nearly 60 domestic and international customers entering bulk procurement [1] - The 5,000-ton MXD6 project successfully started trial production in September 2024, expected to enhance the company's competitiveness in the new materials sector [1] Industry Dynamics - The acquisition of German Heubach Group's global pigment business by Sudarshan Chemical Industries Limited is expected to optimize the global supply structure of high-performance organic pigments [2] Financial Metrics - The company's revenue is expected to grow from 1,209 million yuan in 2022 to 2,694 million yuan in 2026, with a compound annual growth rate of 22.24% [4] - The company's net profit margin is expected to increase from -0.2% in 2022 to 11.6% in 2026 [10] - The company's ROE (diluted) is expected to rise from -0.2% in 2022 to 13.4% in 2026 [10] Valuation - The company's P/E ratio is expected to decrease from 477 in 2023 to 17 in 2026, indicating improving profitability [4] - The company's P/B ratio is expected to decline from 3.3 in 2022 to 2.2 in 2026, reflecting potential undervaluation [4]