CAPCHEM(300037)2024-12-04 07:20Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Views - The company plans to invest 352 million yuan in Jiangxi Shilei Fluorine Materials, acquiring a 42.8% stake, which will complete its electrolyte supply chain [6]. - The valuation of the company is considered reasonable at the current market bottom, with a clear future plan to enhance its competitiveness in the electrolyte business [6]. - The company is expected to achieve a cumulative net profit of no less than 267 million yuan during the performance commitment period from October 2024 to 2027, corresponding to a post-investment PE valuation of approximately 10X [6]. - The company’s revenue and profit forecasts for 2024-2026 are maintained, with expected net profits of 1.198 billion, 1.710 billion, and 2.425 billion yuan respectively, corresponding to PE valuations of 25X, 18X, and 13X [6]. Financial Summary - The company reported total revenue of 7.484 billion yuan in 2023, with a projected increase to 10.529 billion yuan in 2024, reflecting a year-on-year growth rate of 40.7% [7]. - The net profit for 2023 was 1.011 billion yuan, with an expected increase to 1.198 billion yuan in 2024, indicating a year-on-year growth of 18.5% [7]. - The gross margin is projected to be 26.6% in 2024, improving to 30.0% by 2026 [7].