CAPCHEM(SZ:300037) Guolian Securities·2024-11-01 13:33Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported significant quarter-on-quarter growth in Q3, with a revenue of 20.85 billion yuan, a year-on-year increase of 3.02% and a quarter-on-quarter increase of 0.85% [6][8] - The company's net profit for Q3 was 2.86 billion yuan, reflecting a year-on-year increase of 1.89% and a quarter-on-quarter increase of 13.91% [6][8] - The report highlights that the profitability of the electrolyte segment is expected to bottom out, with the average price of ternary and lithium iron phosphate electrolytes stabilizing [8] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 56.67 billion yuan, a year-on-year increase of 1.51%, and a net profit of 7.01 billion yuan, a year-on-year decrease of 12.00% [6][9] - The company's gross margin in Q3 was 25.72%, a decrease of 2.55 percentage points year-on-year and 2.65 percentage points quarter-on-quarter [7] - The net profit margin for Q3 was 13.85%, an increase of 0.61 percentage points year-on-year and 1.49 percentage points quarter-on-quarter [7] Future Earnings Forecast - The company is projected to achieve revenues of 81.96 billion yuan, 97.33 billion yuan, and 133.80 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 9.5%, 18.8%, and 37.5% [9] - The forecasted net profits for the same years are 10.96 billion yuan, 14.80 billion yuan, and 20.18 billion yuan, with year-on-year growth rates of 8.4%, 35.0%, and 36.3% [9]