GHKJ(002741) 国金证券·2025-01-25 23:31Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.77 RMB based on previous evaluations [4][11]. Core Insights - The company is expected to report a net loss attributable to shareholders of 135-195 million RMB for 2024, which represents a significant reduction in losses compared to the previous year [1]. - The PCB chemical segment is showing continuous improvement, while the new energy materials segment is dragging down overall performance due to intense competition and declining raw material prices [2]. - The company has increased its R&D investment and market expansion efforts, leading to an estimated profit of approximately 208 million RMB from the chemical reagents and PCB chemical segments in 2024 [2]. - A high-performance lithium battery materials project is progressing steadily, with a total planned investment of 1.24 billion RMB, expected to generate sales revenue of 2.54 billion RMB upon completion [3]. - The company has adjusted its 2024 net profit forecast to -158 million RMB, down from a previous estimate of 8 million RMB, with projected profits of 53 million RMB and 126 million RMB for 2025 and 2026, respectively [4]. Summary by Sections Event - The company announced a forecast for 2024, predicting a net loss of 135-195 million RMB, which is a reduction in losses by 68.66%-54.73% compared to the previous year [1]. Operational Analysis - The PCB chemical segment is improving, while the new energy materials segment is facing challenges, leading to an overall operational loss of approximately 193 million RMB in that segment [2]. - The company has conducted impairment tests on long-term assets in the new energy materials segment, resulting in an additional loss of about 167 million RMB [2]. Performance Forecast, Valuation, and Rating - The company is a leader in the PCB chemical sector and is expanding into lithium battery materials and recycling. The 2024 net profit forecast has been adjusted to -158 million RMB, with future projections showing a recovery in profitability [4].