Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for future performance [9]. Core Views - The company's performance is under pressure due to a decrease in customer demand for metal extraction agents, which significantly impacts revenue [5][4]. - Despite the challenges, the company is enhancing its research capabilities and has initiated a share buyback plan, reflecting confidence in future growth [6][7]. - The importance of the company's metal extraction agents in the recycling of power batteries is expected to increase as the electric vehicle market evolves [9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 330 million yuan, a decline of 25.21% year-on-year, with a net profit of 80 million yuan, down 46.39% [4]. - The revenue from metal extraction agents was 279 million yuan, accounting for 84.36% of total revenue, with a year-on-year decline of 31.97% [5]. - The company’s other specialty surfactants generated 51 million yuan in revenue, showing a growth of 60.92% [5]. Research and Development - The company has increased its R&D expenses, with a notable rise in management and R&D expense ratios, attributed to the establishment of a new research institute and recruitment of high-qualification personnel [6]. Shareholder Returns - The company initiated a share buyback program and distributed a cash dividend of 2 yuan per 10 shares, totaling 18 million yuan, demonstrating a commitment to shareholder returns despite performance pressures [7]. Profit Forecast - The forecast for net profit from 2025 to 2027 is 132 million, 162 million, and 142 million yuan respectively, with corresponding P/E ratios of 14.8, 12.0, and 13.7 [9][11].
康普化学：公司事件点评报告：客户冲槽需求减少致使业绩承压-20250408