瑞联新材(688550)：2024年利润高增长 显示材料占比提升

Core Insights - The company's net profit growth in 2024 is significantly higher than the revenue growth, primarily due to an increase in the sales proportion of high-margin products and effective cost reduction measures [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.459 billion yuan, representing a year-on-year growth of 20.74%. The net profit attributable to shareholders reached 252 million yuan, up 87.60%, while the net profit after deducting non-recurring items was 237 million yuan, reflecting a growth of 103.43% [3]. - The comprehensive gross margin for 2024 was 44.20%, an increase of 9.02 percentage points compared to 2023, driven by product structure optimization and significant cost control [3]. - In Q1 2025, the company reported a revenue of 344 million yuan, a year-on-year increase of 4.83%, and a net profit attributable to shareholders of 46 million yuan, up 32.9% [3]. Strategic Developments - The company has invested 76.4 million yuan to increase its stake in the wholly-owned subsidiary of Dainippon Screen, Dainippon Electronics, which is a leader in OLED blue light materials. This investment is expected to enhance strategic cooperation with clients and accelerate domestic substitution [4]. Future Projections - The company is expected to maintain positive growth in revenue and net profit in Q1 2025. Projections for net profit attributable to shareholders for 2025-2027 are 329 million yuan, 401 million yuan, and 493 million yuan, respectively, with corresponding EPS of 1.91, 2.33, and 2.86 yuan. A target price of 47.75 yuan is maintained, with a "buy" rating based on a 25X PE for 2025 [2].