Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company, Kangpu Chemical, reported a net profit attributable to shareholders of 149 million yuan in 2023, representing a year-on-year growth of 42.74% [3] - The company achieved a revenue of 442 million yuan in 2023, an increase of 26.22% compared to the previous year, driven by strong customer demand and market expansion efforts [3] - The report highlights the increasing proportion of high-margin products, particularly the extraction agents for new energy battery metals, which is expected to contribute positively to the company's growth [3] - The earnings forecast for 2023 has been revised upwards to 149 million yuan (previously 143 million yuan), with projections for 2024 and 2025 remaining unchanged at 175 million yuan and 233 million yuan, respectively [3] - The current price-to-earnings (P/E) ratios are projected at 23.2, 19.7, and 14.8 for 2023, 2024, and 2025, respectively [3] Financial Summary - The company is expected to generate revenues of 637 million yuan in 2024 and 842 million yuan in 2025, reflecting year-on-year growth rates of 44.2% and 32.2%, respectively [21] - The net profit attributable to shareholders is projected to reach 175 million yuan in 2024 and 233 million yuan in 2025, with corresponding year-on-year growth rates of 17.4% and 33.4% [21] - The gross margin is expected to be 44.6% in 2023, with a slight decrease to 38.6% in 2024 and a recovery to 39.1% in 2025 [21] - The return on equity (ROE) is projected to be 21.6% in 2023, 20.4% in 2024, and 21.5% in 2025 [21]
北交所信息更新：电池回收背景下新能源电池金属萃取剂订单增长明显