SUNVIM(SZ:002083) Chang Jiang Shang Bao·2025-04-23 00:41Core Viewpoint - The company achieved strong performance in Q1 2025, driven by a dual business strategy of home textiles and new materials, resulting in revenue growth and significant profit increases [1][2]. Financial Performance - In Q1 2025, the company reported revenue of 1.364 billion yuan, a year-on-year increase of 3.55%, and a net profit of 127 million yuan, up 40.94% [1][2]. - The company's non-GAAP net profit reached 136 million yuan, marking a 57.22% increase year-on-year, setting a historical high for the same period [2]. - The gross margin for Q1 2025 was 21.21%, an increase of 3.87 percentage points year-on-year, while the net margin was 9.11%, up 2.71 percentage points [2]. Business Segments - The home textiles segment generated revenue of 3.853 billion yuan in 2024, with a gross margin of 23.31%, reflecting a 2.55 percentage point increase year-on-year [3]. - The new materials segment saw rapid growth, with combined revenue from coating materials and electrolyte additives reaching 379 million yuan in 2024, a year-on-year increase of 127.57% [3]. - The functional coating materials business achieved revenue of 202 million yuan, up 49.63% year-on-year, supported by strong order backlog and improved capacity utilization [3]. Market Expansion and R&D - The new materials business is a key growth area, focusing on dual-use functional coating materials and lithium battery electrolyte additives [4]. - In 2024, the company sold 4,304 tons of VC products, generating revenue of 177 million yuan, a remarkable year-on-year increase of 472.49% [4]. - The company has successfully entered the supplier system of major enterprises in the electrolyte sector, enhancing its market presence [4]. - The company has maintained an export ratio above 60%, with 2024 export revenue reaching 3.332 billion yuan, accounting for 62.33% of total revenue, a slight increase from 61.31% in 2023 [5]. - R&D expenses from 2022 to 2024 were 37.36 million yuan, 34.47 million yuan, and 34.95 million yuan respectively, with five new invention patents and three utility model patents granted in 2024 [5].