Shandong Kaisheng New Materials (SZ:301069) Huaan Securities·2024-03-16 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 987 million yuan in 2023, a decrease of 2.33% year-on-year, and a net profit attributable to shareholders of 158 million yuan, down 32.6% year-on-year [4][6] - The performance is under pressure due to weak demand and low pricing for chlorosulfonic acid, with the average price in 2023 being 1496.49 yuan per ton, a decline of 44.73% year-on-year [2][4] - The company is the largest producer of chlorosulfonic acid globally and is expanding its product line into high-performance polymer materials like PEKK, which is expected to become a new profit growth point [2][4] Financial Summary - In 2023, the company achieved a revenue of 987 million yuan, with a year-on-year decline of 2.3% and a net profit of 158 million yuan, reflecting a decrease of 32.6% [6] - The projected net profits for 2024, 2025, and 2026 are 221 million yuan, 348 million yuan, and 436 million yuan, with respective growth rates of 39.6%, 57.7%, and 25.4% [4][6] - The company's gross margin for 2023 was 33.2%, expected to decrease to 29.0% in 2024, before recovering to 34.7% by 2026 [6][8] Market Position and Future Outlook - The company is actively expanding its downstream product offerings, creating a comprehensive industrial structure that includes chlorosulfonic acid and high-performance aramid fibers [2][4] - The PEKK production line is currently in the ramp-up phase, with a capacity of 1000 tons per year, which is anticipated to contribute significantly to future revenues [2][4]