CAPCHEM(300037) 光大证券·2025-03-28 08:43Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company experienced a revenue increase of 4.85% year-on-year in 2024, reaching 7.847 billion yuan, while the net profit attributable to shareholders decreased by 6.83% to 942 million yuan [1][2]. - The decline in profitability is attributed to increased competition in the battery chemicals sector, falling product prices, and rising operational costs during the capacity ramp-up phase of new projects [2][4]. - The company is actively expanding its global production capacity, with significant projects underway in various regions, including semiconductor materials and battery chemicals [3]. Summary by Sections Financial Performance - In 2024, the battery chemicals segment generated 5.116 billion yuan in revenue, a 1.24% increase, despite a decline in profitability due to lower product prices. The capacitor chemicals segment saw a 21.91% revenue increase to 766 million yuan, driven by demand from emerging industries [2][5]. - The company reported a Q4 2024 revenue of 2.180 billion yuan, up 14.64% year-on-year, with a net profit of 241 million yuan, reflecting a 12.47% increase [1]. Capacity Expansion - As of the end of 2024, the company has a total production capacity of 455,400 tons per year for battery chemicals, with a utilization rate of 83.16%. There are ongoing projects that will add 212,200 tons of capacity [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downward, with expected net profits of 1.192 billion yuan (down 18.9%), 1.565 billion yuan (down 22.5%), and 1.913 billion yuan, respectively. The company is focusing on new electronic chemicals and functional materials, with promising growth prospects [4][5].