First(603806) 新浪财经·2025-04-15 08:31Core Viewpoint - The company reported a significant decline in net profit for Q4 2024, with a year-on-year decrease of 88.18% and a quarter-on-quarter decrease of 84.97%. Despite the overall industry pressure, the company maintained a positive net profit per unit area due to its advantages in funding, technology, and cost management [1][2]. Financial Performance - For the full year 2024, the company's revenue was 19.147 billion, a year-on-year decrease of 15.23%, and the net profit attributable to the parent company was 1.308 billion, down 29.33%. In Q4 2024, the revenue was 3.973 billion, a year-on-year decrease of 33.10% and a quarter-on-quarter decrease of 9.92% [2]. Market Position - The company has continued to increase its market share in the photovoltaic film sector, achieving a market share of approximately 55.2% with a shipment of 2.811 billion square meters, which is a year-on-year increase of 25%, outpacing the 12.7% growth in component production [3]. Industry Challenges - The photovoltaic industry faced a downturn in demand in the second half of the year, leading to price pressure on photovoltaic films. The company's film gross margin decreased by 4.7 percentage points compared to the first half of the year, which was a key factor in the decline of net profit per unit area [3]. Future Outlook - Despite the challenges, the company remains optimistic about its electronic materials segment, which saw a revenue increase of 30.72% year-on-year, contributing 42.69 million to the overall performance, a growth of approximately 1900%. The company expects continued high growth in this segment driven by demand recovery in consumer electronics and new markets such as AI and electric vehicles [3]. Profit Forecast - The company projects net profits for 2025, 2026, and 2027 to be 1.626 billion, 2.061 billion, and 2.4 billion respectively, with year-on-year growth rates of 24.34%, 26.75%, and 16.49%. The earnings per share are expected to be 0.62, 0.79, and 0.92, corresponding to price-to-earnings ratios of 20.01, 15.79, and 13.55 based on the closing market value on April 14 [4].