AKL(SH:603722) Great Wall Securities·2025-06-10 02:40Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][19]. Core Views - The report highlights that the polyether amine industry is experiencing a downturn, with a focus on the domestic production process of COC (Cyclic Olefin Copolymer) [9][10]. - The company is actively expanding its market presence, particularly in international markets, to counteract the competitive pressures and declining prices in the domestic polyether amine market [9]. - The anticipated production and sales of COC materials are expected to create a new revenue growth curve for the company, with significant potential applications in various sectors [10][11]. Financial Summary - The company's revenue for 2023 is projected at 537 million yuan, with a decline of 24.7% year-on-year. Revenue is expected to recover to 1,565 million yuan by 2027, reflecting a growth rate of 39.0% [1][11]. - The net profit attributable to the parent company is forecasted to be 24 million yuan in 2023, with a significant recovery to 230 million yuan by 2027, indicating a year-on-year growth of 95.4% [1][11]. - The report outlines a projected EPS of 0.25 yuan for 2023, improving to 2.40 yuan by 2027 [1][11]. Market and Product Insights - The report notes that the domestic polyether amine market is facing increased competition, leading to price declines and pressure on profit margins. The average selling price of polyether amine decreased by 14.24% year-on-year in 2024 [2][3][9]. - The company has established a new production line for high transparency materials (COC), which is expected to begin mass production in 2025, with a long-term capacity expansion planned for 2026 [10][11]. - The company has initiated several self-research projects aimed at developing specialized COC products for various applications, indicating a strategic focus on innovation and market diversification [10].