AKL(SH:603722) Changjiang Securities·2024-05-20 08:32Investment Rating - The investment rating for the company is "Buy" and is maintained [15][30]. Core Views - The company is focused on the research and production of new materials, primarily polyether amines and optical-grade polymer materials, with applications in wind turbine blades, shale gas extraction, automotive coatings, and optical lenses [12]. - The production of cyclic olefin copolymer (COC) is imminent, with plans to achieve mass production of a thousand-ton COC production line in 2024, which is expected to significantly expand the company's growth potential [13][30]. - The company has a competitive pricing strategy for COC, with expected market sales prices around 80,000 yuan per ton, compared to Japanese manufacturers' prices of 120,000 to 160,000 yuan per ton, which may enhance market share and demand for domestic products [29]. Financial Performance Summary - In 2023, the company reported total revenue of 537 million yuan, a year-on-year decrease of 24.73%, and a net profit attributable to shareholders of 23.92 million yuan, down 80.10% [11][25]. - For Q4 2023, revenue was 123 million yuan, a decline of 9.13% year-on-year, with a net profit of 2.51 million yuan, down 84.15% [11][25]. - The Q1 2024 report indicated revenue of 103 million yuan, a year-on-year decrease of 28.13%, and a net profit of 1.19 million yuan, down 81.01% [11][25]. Future Projections - The company anticipates net profits of 110 million yuan, 320 million yuan, and 490 million yuan for the years 2024, 2025, and 2026, respectively, based on the successful launch of the COC project [30]. - The projected revenue for 2024 is 817 million yuan, increasing to 3.236 billion yuan by 2026, indicating a significant growth trajectory [36].