GHKJ(002741) 国金证券·2024-04-28 08:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's main business is beginning to recover profitability, but the lithium battery materials segment is under pressure, leading to a decline in overall performance [1] - The lithium battery recycling business is progressing steadily, with the company holding a leading position in scale and technology [1] - The company is expected to face continued pressure on profitability due to the decline in lithium carbonate prices, but recovery is anticipated as prices stabilize [1] Financial Performance Summary - In 2023, the company achieved revenue of 2.699 billion RMB, a year-on-year decrease of 18.26%, and a net loss of 431 million RMB, a decline of 468.55% [1] - For Q1 2024, revenue was 512 million RMB, down 21.78% year-on-year, while net profit was 3.798 million RMB, an increase of 102.02% [1] - The PCB chemicals segment generated revenue of 1.37 billion RMB in 2023, down 5.4% year-on-year, with a gross margin of 13.04%, up 1.97 percentage points [1] - The chemical reagents segment saw revenue of 440 million RMB, up 12.6% year-on-year, with a gross margin of 24.43%, down 5.79 percentage points [1] - The lithium battery materials segment reported revenue of 580 million RMB, down 54.9% year-on-year, with a gross margin of -21.54%, down 38.19 percentage points [1] Profit Forecast and Valuation - The company is projected to have net profits of 8 million RMB, 520 million RMB, and 1.25 billion RMB for 2024, 2025, and 2026 respectively, with significant downward adjustments for 2024 and 2025 [1] - Corresponding P/E ratios are expected to be 532.03, 80.26, and 33.46 for the same years [1]