乐通股份：国内凹性油墨龙头，积极布局新能源业务

Investment Rating - The report does not explicitly state an investment rating for Letong Chemical Core Viewpoints - Letong Chemical is a leader in the domestic gravure ink market, focusing on medium and high-grade products widely used in beverage, food, and cigarette packaging, with a small portion in electronics [2][3] - The company is actively expanding into the new energy sector, including investments in high-efficiency heterojunction cell manufacturing and strategic partnerships to enhance its market presence [5][6] - Financial performance shows fluctuations, with total operating income for the first three quarters of 2024 at 316 million yuan, reflecting a year-on-year growth of 7.01% [2][3] Summary by Sections Company Overview - Letong Chemical specializes in the development, production, and sales of medium and high-grade gravure inks, with a production capacity of 20,500 tonnes as of 2024H1 [2][3] - In 2024H1, the sales revenue from ink products was 198 million yuan, accounting for 99.05% of total revenue, with gravure inks contributing over 90% [2][3] Financial Performance - The company reported total operating income of 388 million yuan, 403 million yuan, 387 million yuan, and 316 million yuan for the years 2021 to 2024 respectively, with growth rates of 23.26%, 4.05%, -4.18%, and 7.01% [2][3] - The recurring net profit showed losses in 2024 due to declining gross profit margins and increased provisions for bad debts [2][3] New Energy Initiatives - Letong Chemical is investing in a high-efficiency heterojunction cell and module manufacturing project with a total investment of approximately 5 billion yuan, aiming for an annual output of 4.8GW [5][6] - The company has also introduced a strategic investor, Shenzhen Chaoming, to enhance its capabilities in the new energy sector [5][6] Capital Structure Optimization - The company raised approximately 127 million yuan through a directed issue of shares, aimed at optimizing its capital structure and reducing financial risks [6]