ABACHEM(300261) 东吴证券·2024-12-30 13:27Investment Rating - The investment rating for the company has been adjusted to "Accumulate" due to short-term performance pressure while maintaining a positive outlook on long-term growth potential [4]. Core Insights - The company has diversified its business layout from pesticide intermediates to pharmaceutical intermediates, environmental products, and specialty chemicals, significantly enhancing its comprehensive competitiveness through R&D and production synergy [2]. - The company has achieved a technological breakthrough with the industrial continuous production of anhydrous diazomethane, improving production safety and sustainability [2]. - The company is actively expanding its presence in the pharmaceutical and health sectors, supported by strategic partnerships with multinational companies [2]. - Financial forecasts indicate a decline in revenue and net profit for 2024 and 2025, with expected net profits of -0.8 billion and -0.4 billion respectively, while a slight recovery is anticipated in 2026 with a net profit of 0.06 billion [4]. Financial Summary - Total revenue for 2022 was 2,001 million, with a projected decline to 1,279 million in 2023, followed by a slight recovery to 1,451 million in 2025 and 1,638 million in 2026 [1]. - The net profit attributable to the parent company is expected to drop significantly from 202.95 million in 2022 to -82.29 million in 2023, with a gradual recovery to 6.23 million by 2026 [1]. - The latest diluted EPS is projected to be -0.09 for 2024 and -0.05 for 2025, with a slight positive EPS of 0.01 expected in 2026 [1].