KDXC(SZ:002669) Shen Zhen Shang Bao·2025-04-22 08:01Core Viewpoint - 康达新材 reported a significant revenue increase in 2024 but faced a substantial net loss, indicating a contrasting performance outlook for the year and the first quarter of 2025 [1][2][3] Financial Performance - In 2024, the company achieved an operating revenue of 3.101 billion yuan, a year-on-year increase of 11.05% [1] - The net loss attributable to shareholders was 246 million yuan, a drastic decline of 912.05% compared to a net profit of 30.32 million yuan in the previous year [1][3] - For Q1 2025, the company anticipates a net profit of 5.4 million to 6.6 million yuan, representing a year-on-year growth of 121.78% to 126.62% [1][2] Business Segments - The adhesive business showed stable development, contributing to the overall revenue growth despite the losses [2] - The decline in orders from downstream clients in the electronic information materials sector negatively impacted profitability [2][3] - The new production base is still ramping up capacity, leading to high depreciation and financing costs that affected the current year's performance [2][3] Profitability Factors - The significant loss in 2024 was primarily due to asset impairment and an imbalance in business structure, with a total impairment loss of approximately 194.89 million yuan [3] - The first quarter's expected profit is partly supported by non-recurring gains, which accounted for about 40% of the upper limit of the profit forecast, raising concerns about the sustainability of the profit growth [3] Operational Challenges - The company faces dual pressures from capacity layout and cost control, with the new base's capacity release needing to align with market demand [4] - The company has invested in expanding capacity and new R&D centers, which will increase fixed asset depreciation and operational costs [4] - If new projects do not generate expected benefits, it could adversely affect net profit, especially if market demand changes [4]