Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q1 2025 performance was below expectations due to inventory destocking in copper extractants and the impact of fundraising projects transitioning to fixed assets. However, lithium extractants and new products are expected to drive growth throughout the year [6][4] - The company aims to expand its technical sales team and enhance market development to convert new production capacity into sales more rapidly, especially in the battery recycling sector [6] Financial Data and Profit Forecast - For Q1 2025, the company reported total revenue of 46.58 million yuan, a year-on-year decrease of 30.0%, and a net profit attributable to shareholders of 9.85 million yuan, down 56.1% year-on-year [6][5] - Revenue projections for 2025-2027 have been adjusted to 341 million yuan, 389 million yuan, and 450 million yuan respectively, with net profits of 84 million yuan, 99 million yuan, and 119 million yuan [6][5] - The gross profit margin for Q1 2025 was 42.1%, a decrease of 4.2 percentage points year-on-year, primarily due to increased depreciation from fundraising projects transitioning to fixed assets [6][5]
康普化学（834033）：铜萃取剂下游去库+募投转固拖累，25Q1业绩不及预期，全年看锂萃取剂及新品驱动