Investment Rating - The investment rating for the company is maintained at "Outperform" [3][5] Core Views - The company is expected to achieve a revenue of 540 million yuan in 2024, representing a year-on-year growth of 12.89% [5] - The company has begun trial production of its 30,000 tons/year THF production line, with a current load of 70% as of mid-May 2025 [6] - The expansion of the benzyl alcohol production line is ongoing, with 61% of the project completed by the end of 2024 [6] Financial Summary - In 2024, the company is projected to generate a revenue of 540 million yuan, with a net profit attributable to the parent company of -3.45 million yuan [5][8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 0.19 yuan, 0.39 yuan, and 0.53 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 86.0, 42.2, and 30.9 [5][8] - The gross margin for 2024 is expected to be 17.5%, with a net margin of -0.6% [11] Production and Expansion - The company is focusing on expanding its THF production capacity and has also initiated projects related to mercury-free PVC catalysts and NMN [6] - The fine chemical segment is projected to achieve a revenue of 501 million yuan in 2024, with a growth rate of 14.55% [5] Research and Development - The company has completed the industrial verification of a mercury-free ionic liquid catalyst for VCM synthesis and is in discussions with downstream PVC customers [6] - Ongoing research includes small molecule heparin and enzyme-based solutions, with significant progress in the development of NMN products [6]
美邦科技（832471）：北交所信息更新：募投3万吨/年THF产能逐步释放，2024全年营收5.40亿元+13%