Investment Rating - The report assigns a "Hold" investment rating to the company, indicating a cautious outlook for the next six months [29]. Core Insights - The company is experiencing short-term performance pressure due to a decline in demand for copper extraction agents from key customers, alongside rising costs and expenses. However, the long-term logic of wet copper metallurgy replacement remains intact, with expectations for continued growth in copper extraction agent demand driven by global industrialization and the development of new energy industries [6][29]. - The company has made significant progress in launching new products, including new energy metal extraction agents and acid mist suppressants, which are expected to lay a solid foundation for future growth [6][29]. Financial Summary - In 2024, the company is projected to achieve revenue of 330.48 million yuan, a decrease of 25.21% year-on-year, and a net profit attributable to the parent company of 80.17 million yuan, down 46.48% year-on-year [2][6]. - The company's revenue from metal extraction agents is expected to decline by 27.7% in 2024, followed by a recovery of 20% in 2025 and 15% in 2026. The gross margin for metal extraction agents is projected to be 38.0% in 2024, improving to 39.0% by 2026 [26][29]. - The company has a total market capitalization of 25.36 billion yuan and a current share price of 21.29 yuan, with a PE ratio of 32 for 2024 and 24 for 2025 [5][30]. Business Overview - The company is a leading player in the global copper extraction agent market and specializes in the manufacturing of specialty chemicals. It has broken the foreign technology monopoly and is recognized as a domestic leader and internationally known enterprise in this field [7][11]. - The company’s products are primarily used in wet metallurgy, new energy battery metal recycling, and urban mineral resource recycling, with over 90% of its revenue coming from metal extraction agents [16][19]. Market Position - The company has established a strong customer base, including major global mining companies and top-tier enterprises in the new energy sector. Its international sales have been stable, with a significant portion of revenue coming from overseas markets [17][19]. - The company has been recognized for its innovation and has received various honors, including being named a "specialized and innovative" small giant enterprise [7][8].
康普化学：短期业绩承压，长期湿法冶铜替代逻辑不改-20250310