电池化学品盈利筑底，持续看好有机氟成长性

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 1.52 billion yuan in Q1 2024, a year-on-year decline of 8.0% and a quarter-on-quarter decline of 20.3%. The net profit attributable to shareholders was 165 million yuan, down 32.8% year-on-year and 22.9% quarter-on-quarter [1]. - The report highlights the potential growth from new projects, particularly in fluorinated liquids and perfluoroisobutylene, with production expected to ramp up significantly [1]. - The company has established stable production capacity for fluorinated liquids and is supplying major global semiconductor manufacturers, positioning itself favorably in the market [1]. - The exit of overseas capacity, particularly from 3M due to environmental issues, is expected to accelerate the growth of the company's fluorinated liquids and perfluoroisobutylene products in the second half of 2024 [1]. - The report indicates that the profitability of electrolytes is at a bottoming stage, with limited future drag on performance anticipated [1]. Financial Summary - For 2024-2026, the company is projected to achieve net profits of 1.23 billion yuan, 1.80 billion yuan, and 2.48 billion yuan, respectively, corresponding to P/E ratios of 20.0, 13.7, and 9.9 times [1][2]. - The company's revenue is expected to grow from 10.39 billion yuan in 2024 to 15.55 billion yuan in 2026, with year-on-year growth rates of 38.8%, 24.1%, and 20.6% [2][9]. - The report notes a decrease in gross margin to 27.2% in Q1 2024, down 4.3 percentage points year-on-year, but with a slight recovery of 1.1 percentage points quarter-on-quarter [1][9].