EMT(601208) 上海证券报·2025-04-25 02:57Core Viewpoint - The company reported a revenue of 4.47 billion yuan for 2024, with a net profit attributable to shareholders of 181 million yuan, reflecting a significant decline in profitability due to market pressures in the renewable energy sector and increased competition [4][32]. Company Overview - The company specializes in the research, manufacturing, and sales of new chemical materials, focusing on products such as optical films, electronic materials, and environmentally friendly flame retardant materials, which are applicable in various industries including power generation, new energy vehicles, and consumer electronics [8][9]. Business Model - The company employs a "group management, industrial operation, and base operation" model, with three main centers for technology, management, and finance, and six operational bases across China [9][10]. Industry Analysis Renewable Energy Sector - The company produces key materials for solar and wind energy applications, with a reported 23% year-on-year increase in new renewable energy installations in China for 2024 [13][14]. - However, the company faced declining demand and prices for its solar backsheet and specialty epoxy resin products, leading to reduced profitability [14][32]. Transmission Sector - The company supplies materials for high-voltage transmission, benefiting from increased investment in power grid infrastructure, which saw a 15.3% year-on-year growth in 2024 [15][32]. Electronics Sector - The company manufactures electronic-grade resin materials for printed circuit boards (PCBs), with the market for AI servers and high-performance computing driving demand [22][23]. Optical Film Sector - The company produces optical-grade polyester films, with a growing market driven by the recovery in consumer electronics, including smartphones and tablets, which saw a 6.4% increase in global shipments in 2024 [18][19]. Environmental Flame Retardant Sector - The company develops environmentally friendly flame retardant materials, responding to increasing global demand for safety in textiles and construction materials [27][29]. Financial Performance - In 2024, the company achieved a revenue increase of 19.6% but experienced a 44.54% decline in net profit, indicating challenges in maintaining profitability amidst rising competition and market pressures [32][36]. - The proposed profit distribution plan includes a cash dividend of 1.00 yuan per 10 shares, totaling approximately 88.88 million yuan, which represents 87.77% of the net profit attributable to shareholders [39][40].