CAPCHEM(300037) Changjiang Securities·2024-11-07 06:18Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 5.67 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 1.5%. The net profit attributable to shareholders was 700 million yuan, down 12.0% year-on-year [4][6] - The organic fluorine chemical segment is expected to continue its high growth, driven by stable demand for products such as fluorinated pharmaceutical intermediates and fluorinated solvents [4][6] - The battery chemical segment is currently at a low point, with electrolyte prices declining. The company is focusing on expanding its international market presence and accelerating overseas capacity projects [5][6] - The capacitor and semiconductor chemical businesses are maintaining stable growth, with the company enhancing its product offerings through increased R&D investment [6] Financial Summary - For Q3, the company achieved a revenue of 2.08 billion yuan, a year-on-year decrease of 3.0% but a quarter-on-quarter increase of 0.8%. The net profit for Q3 was 290 million yuan, up 1.9% year-on-year and 13.9% quarter-on-quarter [4][6] - The gross margin for Q3 was 25.7%, down 2.5 percentage points year-on-year and 2.6 percentage points quarter-on-quarter. The net margin improved to 13.9%, up 0.6 percentage points year-on-year and 1.5 percentage points quarter-on-quarter [6] - The company expects net profits for 2024-2026 to be 1.12 billion, 1.66 billion, and 2.22 billion yuan, respectively [6]