洁美科技(002859)：全年营收超18亿元 关注离型膜进展

Core Viewpoint - The company reported a revenue of 1.817 billion yuan for 2024, a year-on-year increase of 15.57%, while the net profit attributable to shareholders decreased by 20.91% to 202 million yuan, primarily due to increased R&D investments for new product testing and ramp-up [1] Group 1: Financial Performance - The company's revenue for 2024 reached 1.817 billion yuan, reflecting a 15.57% year-on-year growth [1] - The net profit attributable to shareholders was 202 million yuan, down 20.91% year-on-year [1] - The non-recurring net profit was 199 million yuan, a decline of 21.94% compared to the previous year [1] Group 2: Market Demand and Orders - The company experienced a steady recovery in order volume, driven by the growth of industries such as new energy, smart manufacturing, 5G commercial technology, and AI terminal applications [1] - Sales volume for 2024 reached 9.3898 million rolls, an increase of 19.39% year-on-year, with electronic-grade film materials sales volume growing by 45.9% [1] - Inventory levels decreased by 50.2% year-on-year [1] Group 3: Product Development and Expansion - The electronic-grade film materials generated revenue of 176 million yuan, a year-on-year increase of 35.38% [2] - The company has established stable mass supply to major clients in the MLCC sector and is entering the mass supply phase for Japanese and Korean clients [2] - The first phase of the Zhaoqing base for release films has begun production, and the Tianjin production base is progressing to the main construction phase [2] - The second phase of the BOPET film project has completed equipment installation and is expected to begin trial production in Q2 2025, with capacity expected to more than double upon completion [2] Group 4: Strategic Acquisitions - The company acquired a 56.83% stake in Youzhen Technology for 30 million yuan, enhancing its supply chain in the field of composite materials for new energy battery electrodes [3] - Youzhen Technology's products include composite aluminum foil and copper foil, which are essential for the performance of BOPET films [3] Group 5: Profit Forecast and Valuation - The company has adjusted its profit forecast for 2025-2026, lowering the net profit estimates to 290 million yuan and 400 million yuan, respectively, while introducing a new forecast of 510 million yuan for 2027 [3] - The current stock price corresponds to a PE ratio of 26, 19, and 15 for 2025-2027, which is relatively low compared to historical valuation levels [3]