CAPCHEM(300037) EBSCN·2025-03-28 09:15Investment 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 [6][15]. Core Insights - In 2024, the company achieved a revenue of 7.847 billion yuan, a year-on-year increase of 4.85%, while the net profit attributable to shareholders was 942 million yuan, a decline of 6.83% compared to the previous year [1][2]. - The decline in net profit 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 ongoing projects in various regions, including semiconductor materials and battery chemicals [3]. Revenue Breakdown - The battery chemicals segment generated 5.116 billion yuan in revenue, a growth of 1.24% year-on-year, despite a significant increase in sales volume due to declining product prices [2]. - The capacitor chemicals segment saw a revenue increase of 21.91% to 766 million yuan, driven by demand from emerging industries such as industrial automation and energy storage [2]. - Organic fluorine chemicals revenue reached 1.529 billion yuan, up 7.25%, with stable end-user demand and ongoing capacity ramp-up from the Haidefu project [2]. - The semiconductor chemicals segment reported a revenue of 368 million yuan, an increase of 18.35%, with significant growth in integrated circuit applications [2]. Capacity and Utilization - 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% [3]. - The company has ongoing construction projects that will add 212,200 tons per year to its capacity across various chemical segments [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 [4][5]. - The report highlights a focus on new electronic chemicals and functional materials, suggesting a promising growth outlook due to the anticipated ramp-up of new capacities [4].