AKL(SH:603722) Great Wall Securities·2025-09-16 12:54Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][10][18]. Core Views - The report highlights that the polyether amine industry is currently at a low point, with the company's performance under short-term pressure. However, there is optimism regarding the gradual ramp-up of COC (Cyclic Olefin Copolymer) products in the future [2][9][10]. - The company is actively exploring niche markets and has made progress in its COC production line, which has entered formal production, potentially opening a second growth curve for the company [9][10]. Financial Summary - Revenue Projections: The company is expected to generate revenues of 6.08 billion, 11.26 billion, and 16.31 billion yuan from 2025 to 2027, with year-on-year growth rates of 30.3%, 85.3%, and 44.8% respectively [10]. - Net Profit Projections: The projected net profits for the same period are 0.17 billion, 1.17 billion, and 2.70 billion yuan, with significant year-on-year growth rates of 185.9%, 593.0%, and 130.5% [10]. - Earnings Per Share (EPS): The EPS is expected to be 0.18, 1.22, and 2.82 yuan for 2025, 2026, and 2027 respectively [10]. - Price-to-Earnings (P/E) Ratio: The P/E ratios are projected to be 252.8, 36.5, and 15.8 for the years 2025, 2026, and 2027 respectively [10]. Industry Context - The polyether amine industry is facing intense competition, leading to a decline in both sales volume and price. The report notes that the average selling price of the company's products has decreased, while raw material costs have increased significantly [2][8]. - The company is focusing on expanding its international market presence and enhancing relationships with high-quality clients to mitigate competitive pressures [8][9].