Fujian Yuanli Active Carbon (SZ:300174) EBSCN·2025-06-24 06:42Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's employee stock ownership plan has been successfully completed, indicating a growing long-term investment value [1] - The management and key employees' confidence in the company's future is reflected in the stock repurchase plan, which accounts for 0.72% of the total share capital [2] - The company continues to lead the industry in activated carbon production, with a production capacity of 149,900 tons and a utilization rate of 98.68% in 2024, while sales increased by 17.86% year-on-year [2] - The development of new energy carbon materials is progressing well, with mass production of hard carbon and porous carbon achieved, which is expected to create new growth drivers for the company [3] - The net profit forecast for 2025 has been adjusted down by 25% to CNY 290 million due to slowing terminal demand, but future profit projections for 2026 and 2027 have been introduced at CNY 336 million and CNY 407 million, respectively [3] Summary by Sections Employee Stock Ownership Plan - The company completed its employee stock ownership plan by acquiring 2.6217 million shares at CNY 14.83 per share, with senior management and supervisors participating at a rate of 9.23% [1] Production and Sales Performance - The company has maintained its position as the leading producer of activated carbon in China, with a production capacity of 149,900 tons and sales of 150,200 tons in 2024, marking a year-on-year increase of 17.86% [2] - The sodium silicate production capacity reached 207,200 tons, with a utilization rate of 96.13%, but sales decreased by 42.47% year-on-year [2] - The silica gel production capacity was 26,000 tons, with a utilization rate of 106.90% and sales increasing by 10.62% year-on-year [2] New Energy Carbon Materials - The company has successfully launched its first porous carbon production line, with hard carbon and porous carbon achieving mass production, enhancing product competitiveness [3] - A change in fundraising allocation was announced to support the construction of a new porous carbon project, further solidifying the company's position in the new energy carbon materials sector [3] Financial Forecasts - The report provides a financial forecast with expected revenues of CNY 2,067 million for 2025, reflecting a growth rate of 9.78% [4] - The net profit for 2025 is projected at CNY 290 million, with a slight increase in subsequent years [4] - Key financial metrics such as EPS and ROE are also projected to improve over the next few years, indicating a positive outlook for the company's financial health [4][11]