CAPCHEM(SZ:300037) Shenwan Hongyuan Securities·2025-09-14 14:13Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance in the first half of 2025 is in line with expectations, with total revenue reaching 4.248 billion yuan, a year-on-year increase of 18.58%, and a net profit attributable to shareholders of 484 million yuan, up 16.36% year-on-year [7] - The report highlights the ongoing bottoming out of the electrolyte business and the strengthening trend of liquid cooling technology, indicating a positive long-term growth outlook for the fluorochemical sector [7] - The company is expanding its global layout in the electrolyte business and has made strategic acquisitions to enhance its supply chain stability [7] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 10.009 billion yuan in 2025, with a year-on-year growth rate of 27.6% [5] - The net profit attributable to shareholders is expected to reach 1.178 billion yuan in 2025, reflecting a year-on-year increase of 25.0% [5] - The report forecasts earnings per share of 1.57 yuan for 2025, with a projected PE ratio of 30 [5] Market Data - As of September 12, 2025, the company's closing price is 47.30 yuan, with a market capitalization of 25.554 billion yuan [1] - The company has a price-to-book ratio of 3.7 and a dividend yield of 0.85% [1]