CAPCHEM(SZ:300037)2022-12-04 10:34Group 1: Business Overview - The company has four main business segments: capacitor chemicals, lithium battery chemicals, organic fluorine chemicals, and semiconductor chemicals, with the capacitor chemicals being the earliest and having a high market share [3][4]. - The lithium battery chemicals segment has rapidly developed and is among the top three in market share, focusing on technology-driven solutions and cost reduction through vertical integration [3][4]. - The organic fluorine chemicals segment has high technical barriers and stable supply relationships with customers, maintaining a leading position in its niche [4]. Group 2: Strategic Initiatives - The company aims to focus on high-value-added products and has invested in the Haidefu project to enhance its organic fluorine chemical value chain, ensuring a stable supply of raw materials [4][5]. - The company has a clear development strategy in the fluorine chemical industry, including acquisitions and partnerships to strengthen its market position and product offerings [5][6]. Group 3: Market Dynamics and Financial Outlook - The gross margin for self-developed formulations in 3C products is higher than that for power products, reflecting the competitive landscape in the new energy vehicle sector [5][6]. - The company anticipates a stable average gross margin of around 20% in the future, despite expected pressure from increased competition and capacity expansion in the lithium-ion battery electrolyte market [6]. - The impact of the COVID-19 pandemic has been manageable, with production resuming and demand remaining strong across various business segments [6].