CAPCHEM(300037) Soochow Securities·2024-11-27 06:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is investing 352 million yuan to acquire a 42% stake in Jiangxi Shilei, which is expected to enhance profit elasticity from hexafluorophosphate [2] - Jiangxi Shilei has a current capacity of 15,000 tons of hexafluorophosphate and a long-term supply agreement for raw materials, ensuring upstream material supply [2] - The company anticipates a cumulative net profit of no less than 267 million yuan during the performance commitment period from October 2024 to 2027 [3] - The company is positioned to benefit from potential price increases in hexafluorophosphate, which could significantly improve profitability [3] - The company forecasts net profits of 1.065 billion yuan, 1.442 billion yuan, and 2.012 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 30, 22, and 16 [4] Financial Projections - Total revenue is projected to be 8.328 billion yuan in 2024, with a year-on-year growth of 11.28% [1] - The company expects to achieve a net profit of 1.065 billion yuan in 2024, reflecting a 5.38% increase year-on-year [1] - The earnings per share (EPS) is estimated to be 1.41 yuan in 2024, with a projected increase to 2.67 yuan by 2026 [1] - The company maintains a strong competitive position in the fluorochemical industry, with a target price of 57 yuan based on a 30x P/E ratio for 2025 [4]