Core Viewpoint - The company reported a total revenue of 7.36 billion yuan for 2024, a year-on-year increase of 2.9%, but a net profit attributable to shareholders of -350 million yuan, a year-on-year decrease of 164.9% [1] Group 1: Financial Performance - In Q4 2024, the company achieved a total revenue of 1.97 billion yuan, a year-on-year increase of 5.3%, but a net profit attributable to shareholders of -200 million yuan, a year-on-year decrease of 255.6% [1] - The company's gross margin decreased by 9.0 percentage points to 12.6% due to low prices in the glass fiber industry [2] - The comprehensive expense ratio increased by 0.9 percentage points to 15.7%, and the net profit margin decreased by 13.4 percentage points to -5.1%, indicating pressure on profitability [2] Group 2: Sales and Market Performance - The company maintained high sales growth, with glass fiber and products sales reaching 1.091 million tons, a year-on-year increase of 16.5%, and electronic cloth sales of 210 million meters, a year-on-year increase of 27.6% [1] - Domestic revenue was 4.79 billion yuan, a year-on-year increase of 6.6%, while foreign revenue was 2.57 billion yuan, a year-on-year decrease of 3.4%, primarily due to production line shutdowns in Brazil and exchange losses [1] Group 3: Industry Outlook and Innovations - The glass fiber industry is experiencing a recovery in product prices, with traditional markets such as home appliances, wind power, and automotive showing stable growth [3] - The company has developed innovative products, including ultra-fine yarns and low dielectric glass fibers for 5G applications, addressing long-standing import dependencies [3] - The company is upgrading production lines to enhance efficiency and strengthen its competitive edge, with a new 85,000-ton electronic-grade glass fiber production line project underway [3] Group 4: Earnings Forecast - The company forecasts EPS of 0.04 yuan, 0.10 yuan, and 0.18 yuan for 2025-2027, with corresponding PE ratios of 81x, 33x, and 19x, indicating optimism about earnings recovery [3]
国际复材(301526)：多轮提价行业企稳 短期承压静待拐点