Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company is a leading player in the domestic silane crosslinking agent and hydroxylamine salt sectors, with a unique "oxime-silane-hydroxylamine salt" green circular industry chain that showcases industry-leading technology [3][12]. - The company is expected to benefit from the growing demand in the new energy vehicle and electronics sectors, with projected net profits of 201 million, 269 million, and 350 million yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 1.48, 1.98, and 2.58 yuan per share [3][4]. - The company has successfully developed electronic-grade hydroxylamine water solution, breaking the monopoly of foreign manufacturers and supporting the localization of semiconductor cleaning agents [5][12]. Financial Summary - The company’s revenue is projected to reach 1.239 billion yuan in 2024, with a net profit of 211 million yuan, reflecting a year-on-year growth of 11.2% and 22.3% respectively [4][39]. - The gross profit margin is expected to improve from 27.7% in 2023 to 32.5% in 2027, while the net profit margin is projected to increase from 15.5% to 21.7% over the same period [4]. - The company’s earnings per share (EPS) are forecasted to be 1.48 yuan in 2025, 1.98 yuan in 2026, and 2.58 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 38.6, 28.9, and 22.2 [3][4]. Industry Outlook - The fine chemical industry is experiencing rapid growth, with China's fine chemical industry output expected to exceed 11 trillion yuan by 2027, reflecting a compound annual growth rate of over 19.17% from 2024 to 2027 [55]. - The demand for silane crosslinking agents is anticipated to expand significantly, driven by applications in construction materials, energy, electronics, and new energy vehicles [61][66]. - The production of functional silanes in China is projected to grow from 46.90 million tons in 2024 to 59.88 million tons by 2028, indicating a compound annual growth rate of 6.30% [65][68].