CAPCHEM(300037) Guohai Securities·2024-11-01 11:12Investment Rating - The report maintains a "Buy" rating for the company [2][6][9] Core Views - The company achieved a revenue of 5.667 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 1.51%. However, the net profit attributable to shareholders decreased by 12.00% to 701 million yuan [2] - The third quarter of 2024 saw a revenue of 2.085 billion yuan, a year-on-year decrease of 3.02% but a quarter-on-quarter increase of 0.85%. The net profit attributable to shareholders was 286 million yuan, reflecting a year-on-year increase of 1.89% and a quarter-on-quarter increase of 13.91% [3] - The company is expected to benefit from the gradual increase in organic fluorochemical products, with a positive outlook for future performance [3][4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross profit margin of 27.09%, down 2.83 percentage points year-on-year, and a net profit margin of 12.48%, down 1.97 percentage points year-on-year [2] - The third quarter of 2024 showed a gross profit margin of 25.72%, down 2.55 percentage points year-on-year and down 2.65 percentage points quarter-on-quarter [3] Market Position and Growth Potential - The company is positioned as a leader in the domestic electrolyte market, with significant growth potential in the fluorinated liquid space. Revenue projections for 2024-2026 are 8.216 billion, 10.114 billion, and 12.911 billion yuan, respectively [6][9] - The report highlights the company's comprehensive fluorochemical industry chain and its strategic investments in high-performance fluorinated materials [4] Valuation Metrics - The expected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 28, 19, and 15, respectively, indicating a favorable valuation outlook as the company grows [6][9]