华盛锂电：电解液添加剂龙头，盈利拐点可期

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is a leading player in the electrolyte additive market, with a potential profit turning point expected [1][11] - The industry is currently at a cyclical bottom, with product prices having bottomed out and excess capacity slowly being cleared [11][41] - The company is expected to achieve a 30% year-on-year growth in shipments for 2024, with total shipments projected to reach approximately 11,000 tons [2][51] Financial Performance - For the first three quarters of 2024, the company reported revenue of 330 million yuan, a decrease of 16.4% year-on-year, and a net profit attributable to shareholders of -130 million yuan, a decline of 613.5% year-on-year [4][25] - The gross profit margin for Q3 2024 was -20.7%, down 38.1 percentage points year-on-year [4][25] - The company’s operating cash flow for the first three quarters of 2024 was -90 million yuan, a decrease of 19.1% year-on-year [3][27] Production Capacity and Utilization - The company has four production bases, with a total capacity of 14,000 tons for VC and FEC, and a utilization rate of 70%-80% expected in the second half of 2024 [2][38] - The company plans to upgrade its production processes and invest in new lithium salt projects, including a new project for lithium bis(fluorosulfonyl)imide with an annual capacity of 3,000 tons [32][41] Market Dynamics - The industry is experiencing a slight rebound in prices, with a projected demand growth rate of nearly 30% from 2025 to 2026 [5][39] - The report anticipates that profitability may reverse in the second half of 2025 to 2026 as the industry gradually clears excess capacity [5][41] Valuation and Earnings Forecast - The report has adjusted the company's net profit forecasts for 2024-2026, with expected net profits of -160 million yuan, 6 million yuan, and 30 million yuan respectively [11][41] - The corresponding P/E ratios for 2025 and 2026 are projected to be 587 and 124 times [41]