CAPCHEM(SZ:300037) Minsheng Securities·2025-03-26 02:33Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [6]. Core Views - The company achieved a revenue of 7.847 billion yuan in 2024, a year-on-year increase of 4.85%, while the net profit attributable to shareholders decreased by 6.83% to 942 million yuan [1]. - The company is expanding its production capacity both domestically and internationally, with significant projects underway in Nantong, Chongqing, and the United States, aiming for a total designed capacity of 455,400 tons [3]. - The electrolyte business faced pressure on profitability due to declining product prices, despite a substantial increase in sales volume of 66.8% year-on-year, reaching approximately 350,000 tons [3]. - The fluorochemical segment reported a revenue of 1.529 billion yuan, growing by 7.25% year-on-year, benefiting from a focus on high-end fine chemicals and fluoropolymer applications [3]. - The company’s capacitor and semiconductor chemical segments showed strong growth, with revenues of 766 million yuan and 368 million yuan, representing year-on-year increases of 21.91% and 18.35%, respectively [4]. Financial Forecasts - The company is projected to achieve revenues of 9.613 billion yuan, 11.690 billion yuan, and 13.655 billion yuan for the years 2025, 2026, and 2027, with year-on-year growth rates of 22.5%, 21.6%, and 16.8% respectively [5]. - The net profit attributable to shareholders is expected to reach 1.097 billion yuan, 1.318 billion yuan, and 1.460 billion yuan for the same years, with growth rates of 16.5%, 20.2%, and 10.8% respectively [5]. - The current price-to-earnings (PE) ratios are projected to be 24, 20, and 18 for the years 2025, 2026, and 2027 [5].