Fujian Yuanli Active Carbon (SZ:300174) GUOTAI HAITONG SECURITIES·2026-02-01 07:25Investment Rating - The report assigns a rating of "Accumulate" for the company [5][12]. Core Views - The company is a leading domestic producer of wood-based activated carbon and is expanding its business into the Americas [2][20]. - The company has a robust production capacity, with annual production and sales scaling from 500 tons at inception to over 140,000 tons currently, maintaining the top position in the industry for several consecutive years [20]. - The company is actively pursuing a project to build a production line for 2,000 tons of porous carbon, which is expected to become a new growth driver [12][20]. - The acquisition of a 49% stake in Clarimex from Norit for $25.56 million is aimed at establishing a foothold in the American market, further solidifying the company's global market position [12][20]. Financial Summary - The projected total revenue for 2023 is 2,015 million yuan, with a forecasted growth to 2,346 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.9% [4][13]. - The net profit attributable to the parent company is expected to increase from 237 million yuan in 2023 to 317 million yuan in 2027, with a notable increase of 19.9% in 2024 [4][13]. - The earnings per share (EPS) are projected to be 0.65 yuan in 2023, increasing to 0.87 yuan by 2027 [4][18]. Target Price - The target price for the company's stock is set at 19.20 yuan, based on a valuation of 24 times the expected earnings for 2026, which corresponds to a price-to-book (PB) ratio of 1.87 [5][18]. Industry Position - The company is recognized as the largest and most comprehensive producer of wood-based activated carbon in China, with a well-established production and sales network across key timber regions [20][21]. - The company has a diverse product range, including over a hundred specifications of activated carbon products, catering to various industries such as food, pharmaceuticals, and environmental protection [22][23]. - The company has a strong focus on innovation, holding numerous patents and being recognized as a national high-tech enterprise, which enhances its competitive edge in the market [21][22].