CAPCHEM(300037) 申万宏源·2025-03-26 03:19Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance has been impacted by expenses and depreciation, but the electrolyte market is showing signs of recovery, and the growth trend in fluorochemical products remains intact [1] - The company reported a total revenue of 7,847 million yuan for 2024, with a year-on-year growth of 4.9%, while the net profit attributable to the parent company was 942 million yuan, down 6.8% year-on-year [6] - The electrolyte industry is currently experiencing a bottoming out phase, with the average market price for lithium iron phosphate electrolyte expected to be 19,900 yuan per ton in 2024, a decline of 41.4% year-on-year [6] Financial Data and Profit Forecast - Total revenue forecast for the company is as follows: - 2023: 7,484 million yuan - 2024: 7,847 million yuan - 2025E: 10,009 million yuan - 2026E: 12,338 million yuan - 2027E: 14,587 million yuan - Year-on-year growth rates for total revenue are projected to be: - 2023: -22.5% - 2024: 4.9% - 2025E: 27.6% - 2026E: 23.3% - 2027E: 18.2% [5][8] - Net profit attributable to the parent company is forecasted as follows: - 2023: 1,011 million yuan - 2024: 942 million yuan - 2025E: 1,442 million yuan - 2026E: 1,816 million yuan - 2027E: 2,129 million yuan - Year-on-year growth rates for net profit are projected to be: - 2023: -42.5% - 2024: -6.8% - 2025E: 53.1% - 2026E: 25.9% - 2027E: 17.3% [5][8] - The company's current price-to-earnings (PE) ratio is projected to be 26 for 2023, decreasing to 12 by 2027 [5]