Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's performance in 2024 was below expectations, with revenue of 330 million yuan, a year-on-year decrease of 25.2%, and a net profit of 80 million yuan, down 46.4% year-on-year. The decline was primarily due to reduced demand from key customers for copper extraction agents [6] - Despite the challenges in traditional business, the company has seen growth in new products, particularly lithium extraction agents, which have helped mitigate the impact of declining copper extraction agent sales. The company is also making significant progress in the battery recycling sector, which is expected to become a key growth area [6] - The company is increasing its investment in new product promotion and R&D, leading to higher expenses. The gross margin for 2024 was 43.9%, with a net margin of 24.3%, reflecting a decrease in profitability due to increased costs [6] Financial Data and Profit Forecast - The company forecasts total revenue of 399 million yuan for 2025, representing a year-on-year growth of 20.8%. The net profit is expected to be 100 million yuan, a 24.6% increase from 2024 [5][8] - The projected earnings per share for 2025 is 0.84 yuan, with a price-to-earnings ratio of 25 [5] - The company anticipates a gradual recovery in profitability, with net profits expected to reach 119 million yuan in 2026 and 143 million yuan in 2027 [6][8]
康普化学（834033）：24年业绩不及预期，新品发力对冲部分冲击，新能源金属回收取得实质性进展