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 experienced a short-term performance pressure due to a decline in demand for copper extraction agents from key customers, alongside increased 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 is recognized as a leading player in the global copper extraction agent market and is actively expanding its product offerings, including new energy metal extraction agents and acid mist suppressants, which have shown positive progress [6][29]. Financial Performance 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 [25][26]. - The gross margin for metal extraction agents is projected to be 38.0% in 2024, improving to 39.0% by 2026 [26]. Market Position and Strategy - The company has established itself as a domestic leader and internationally recognized player in the copper extraction agent sector, with a strong focus on R&D and innovation [7][11]. - The company has a concentrated ownership structure, with the chairman holding 38.6% of the shares, which allows for strong decision-making capabilities [8][10]. - The company is actively pursuing international clients while also increasing its domestic market presence, with domestic revenue rising to 65.2% of total revenue in 2023 [17][19]. Future Outlook - The report anticipates that the company's performance will improve as external conditions stabilize and its investment projects begin to yield results, particularly in the context of the growing demand for copper extraction agents driven by the new energy sector [6][29]. - The company is expected to maintain a competitive edge through its focus on technological advancements and product diversification, positioning itself well for future growth [6][29].
康普化学（834033）：短期业绩承压，长期湿法冶铜替代逻辑不改