深度研究：收购紫金药剂剩余61%股权，以铜萃取剂为核心实现技术、渠道、业务的协同

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The acquisition of the remaining 61% stake in Zijin Reagent is expected to enhance the company's performance significantly, allowing for better synergy in technology, channels, and business operations [8][82] - The company has shown strong revenue growth, with a projected increase in operating income and net profit over the next few years [8][82] - The copper extraction agent market is anticipated to grow, driven by the increasing adoption of environmentally friendly wet metallurgy processes [31][65] Summary by Sections Acquisition of Zijin Reagent - The company plans to acquire a 61% stake in Zijin Reagent for 183 million yuan, with an estimated valuation of 300 million yuan for 100% equity [36][57] - The acquisition is expected to integrate Zijin Reagent's performance into the company's financials, enhancing overall profitability [8][82] Copper Extraction Agent Market - The global market for copper extraction agents is estimated to be between 1 billion to 1.3 billion yuan, with a growing demand due to the shift towards wet metallurgy [68][73] - The wet metallurgy process is becoming more prevalent, with 2022 global production reaching 4.09 million tons, accounting for 18.7% of total copper production [31][65] Financial Performance - The company reported a revenue of 808 million yuan in 2023, a year-on-year increase of 47.4%, with a net profit of 93.24 million yuan, up 40.8% [7][8] - Projections for 2023-2025 indicate revenues of 810 million, 1.2 billion, and 1.52 billion yuan, with corresponding net profits of 93 million, 174 million, and 231 million yuan [8][82] Competitive Landscape - The leading player in the copper extraction agent market is Kangpu Chemical, with significant production capacity [74] - The company aims to leverage its acquisition of Zijin Reagent to enhance its competitive position in the market [8][82]