KangLongDa(603665) 太平洋·2025-02-27 01:35Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [13]. Core Views - The company is expected to face losses in 2024 due to various factors, including goodwill impairment and low lithium salt prices, but is anticipated to rebound in 2025 with improved profit elasticity [9][4]. - The successful production launch of the Vietnam factory is expected to enhance the company's market share and profitability, particularly in the context of increasing tariffs on Chinese products [5][9]. - The company has a forward-looking capacity layout in ultra-high molecular weight polyethylene, which is expected to benefit from applications in the robotics field [6][9]. Summary by Sections Company Update - The Vietnam factory has successfully commenced operations, and the company is looking forward to a stronger performance in 2025 [1][8]. Financial Performance - The company forecasts a net profit loss of between -500 million to -350 million yuan for 2024, compared to a loss of -220 million yuan in 2023 [4]. - The expected net profit for 2025 is projected to be 156 million yuan, with a significant recovery anticipated in 2026 [11]. Business Segments - The glove business remains stable, with the Vietnam project gradually ramping up production, contributing modestly to revenue in 2024 [5]. - The lithium salt business is under pressure due to a 25% decline in average prices for battery-grade lithium carbonate in 2024, leading to continued losses [4][9]. - The company is strategically positioned to benefit from the scarcity of overseas production capacity and favorable tax policies in Vietnam [5][9].