CAPCHEM(SZ:300037) Changjiang Securities·2025-03-29 10:43Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a slight decline in performance for 2024, with total revenue of 7.85 billion yuan (up 4.8% year-on-year) and a net profit attributable to shareholders of 940 million yuan (down 6.8% year-on-year) [2][6] - The organic fluorine segment shows promising future prospects, with revenue from organic fluorine chemicals reaching 1.53 billion yuan in 2024, a year-on-year increase of 7.3% [12] - The company plans to distribute a cash dividend of 0.4 yuan per share (tax included) [2][6] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 2.18 billion yuan (up 14.6% year-on-year, up 4.6% quarter-on-quarter) and a net profit of 240 million yuan (up 12.5% year-on-year, down 15.8% quarter-on-quarter) [2][6] - The gross profit margin for Q4 was 24.9%, a decrease of 1.1 percentage points year-on-year, and the net profit margin was 11.2%, an increase of 0.5 percentage points year-on-year [12] Business Segments - The capacitor chemicals segment generated revenue of 770 million yuan in 2024, a year-on-year increase of 21.9%, with a gross margin of 41.4% [12] - The semiconductor chemicals segment reported revenue of 370 million yuan, up 18.4% year-on-year, with significant growth in integrated circuit applications [12] - The battery chemicals segment had revenue of 5.12 billion yuan, a slight increase of 1.2% year-on-year, but faced pressure on profitability with a gross margin of 12.3% [12] Future Outlook - The company expects net profits attributable to shareholders to reach 1.2 billion yuan, 1.46 billion yuan, and 1.68 billion yuan for 2025, 2026, and 2027 respectively [12]