CAPCHEM(SZ:300037) Soochow Securities·2024-02-26 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has launched a "Quality Return Dual Improvement" action plan aimed at enhancing its intrinsic value and ensuring sustainable high-quality development while actively returning to investors [3] - The company focuses on its core business in electronic chemicals and functional materials, with significant market positions in battery chemicals, organic fluorine chemicals, capacitor chemicals, and semiconductor chemicals [3] - The company has a history of returning value to investors through share buybacks and cash dividends, with a total cash dividend of 1.37 billion yuan since its listing in 2010 [3] - The earnings forecast for the company indicates a net profit of 1.037 billion yuan in 2023, 1.404 billion yuan in 2024, and 1.914 billion yuan in 2025, with corresponding P/E ratios of 31x, 23x, and 17x respectively [3] Financial Forecast and Valuation - Total revenue is projected to be 7.883 billion yuan in 2023, 9.403 billion yuan in 2024, and 12.225 billion yuan in 2025, reflecting a year-on-year growth of -18.41%, 19.29%, and 30.01% respectively [2][3] - The company's diluted EPS is expected to be 1.38 yuan in 2023, 1.86 yuan in 2024, and 2.54 yuan in 2025 [2][3] - The target price for the company is set at 56 yuan based on a 30x P/E ratio for 2024 [3]