CAPCHEM(SZ:300037)2024-04-07 16:00Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][18]. Core Views - The company's net profit attributable to shareholders decreased by 42.50% in 2023, with total revenue of 7.484 billion yuan, down 22.53% year-on-year [4][5]. - The organic fluorochemical business experienced rapid growth, achieving a gross profit of 999.7 million yuan, an increase of 30% year-on-year [4][5]. - The battery chemicals business faced pressure, with a gross profit of 814 million yuan, down 58% year-on-year due to intensified industry competition and price fluctuations [5]. - The company is focusing on international market development and enhancing efficiency to manage costs [5]. - The semiconductor chemicals business maintained stable supply to mainstream customers, with a gross profit of 84 million yuan, down 28% year-on-year [5]. Financial Summary - In 2023, the company reported total revenue of 7,484 million yuan and a net profit of 1,011 million yuan [6][14]. - The projected net profits for 2024, 2025, and 2026 are 1,407 million yuan, 1,969 million yuan, and 2,468 million yuan, respectively [5][14]. - The company expects a recovery in revenue growth starting in 2024, with an estimated increase of 8.0% [6][14]. - The gross margin is projected to improve from 28.9% in 2023 to 38.9% by 2026 [14]. Business Segment Performance - The organic fluorochemical segment is expected to grow, with projected revenues of 1,425 million yuan in 2024, increasing to 3,943 million yuan by 2026 [12]. - The battery chemicals segment is projected to stabilize, with revenues expected to remain around 5,174 million yuan from 2024 to 2026 [12]. - The semiconductor chemicals segment is anticipated to grow, with revenues projected to reach 380 million yuan by 2026 [12]. Valuation - The company is assigned a price-to-earnings (P/E) ratio of 30-33 times for 2024, corresponding to a reasonable value range of 56.10 to 61.71 yuan per share [5][14].