CAPCHEM(SZ:300037) EBSCN·2025-11-04 00:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Insights - The company reported a revenue of 6.616 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.75%, and a net profit attributable to shareholders of 748 million yuan, up 6.64% year-on-year [1]. - The sales volume of battery chemicals significantly increased, with stable pricing contributing to improved operational efficiency through enhanced internal collaboration [1]. - The lithium hexafluorophosphate market has seen a price increase of 96.3% year-on-year, driven by rising demand from the new energy and energy storage sectors, alongside cautious supply-side capacity expansion [2]. - The company has completed the phased capacity construction of its core fluorinated liquid products, achieving a market-leading position in both domestic and South Korean markets [3]. - The company is expected to see continued profit growth, with projected net profits of 1.192 billion yuan, 1.566 billion yuan, and 1.913 billion yuan for 2025, 2026, and 2027, respectively [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 2.368 billion yuan, a year-on-year increase of 13.60% and a quarter-on-quarter increase of 5.45%. The net profit for the same period was 264 million yuan, down 7.51% year-on-year but up 4.03% quarter-on-quarter [1]. - The gross profit margin for the first three quarters of 2025 was 24.51%, a decrease of 2.58 percentage points year-on-year [1]. Market Position and Capacity - The company has a self-supply ratio of 50%-70% for lithium hexafluorophosphate, with a current capacity of 24,000 tons per year, expected to increase to 36,000 tons by the end of 2025 [2]. - The company has established a production capacity of 3,000 tons per year for hydrogen fluoride ether and 2,500 tons for perfluoropolyether, maintaining a strong market presence [3]. Profitability and Valuation - The company’s projected earnings per share (EPS) for 2025 is 1.59 yuan, with a price-to-earnings (P/E) ratio of 33 [4]. - The return on equity (ROE) is expected to be 11.20% in 2025, increasing to 14.39% by 2027 [12].