BBJX(BJ:430489) KAIYUAN SECURITIES·2025-03-12 01:23Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company plans to further acquire a 7.5% stake in Anhui Yintemei Technology Co., Ltd., which will increase its ownership to 37.5%, allowing it to consolidate Yintemei into its financial statements. This acquisition is aimed at accelerating the company's layout in high-end electronic materials such as photoresists [3] - The company expects a revenue of 568 million yuan in 2024, representing a year-on-year growth of 5.88%, while the net profit attributable to the parent company is projected to decline by 38.68% to 12 million yuan due to low prices of stearate products and goodwill impairment [2][5] - The company is optimizing its production processes for various projects, including diacid esters and biodegradable materials, which are expected to reduce production costs and enhance profitability [4] Financial Summary - The company reported a total revenue of 567 million yuan in 2022, which decreased to 536 million yuan in 2023, with an expected increase to 568 million yuan in 2024 and further growth to 730 million yuan in 2025 [5][8] - The net profit attributable to the parent company was 60 million yuan in 2022, dropping to 20 million yuan in 2023, and is expected to decline to 12 million yuan in 2024 before recovering to 43 million yuan in 2025 and 60 million yuan in 2026 [5][8] - The company's P/E ratio is projected to be 276.0 in 2024, 79.5 in 2025, and 57.8 in 2026, indicating a significant fluctuation in valuation over the forecast period [5][8]