苏博特(603916)：延续销售回暖趋势 基建形成较好支撑

Performance Summary - In 2024, the company reported operating revenue of 3.555 billion yuan, a year-on-year decrease of 0.75%, and a net profit attributable to shareholders of 96 million yuan, down 40.24% [1] - In Q4, the company achieved revenue of 1.08 billion yuan, a year-on-year increase of 7.33%, with a net profit of 17 million yuan, down 9.01% [1] - In Q1, the company reported operating revenue of 682 million yuan, a year-on-year increase of 17.81%, and a net profit of 24 million yuan, up 15.36% [1] Operational Analysis - The sales of high-performance water-reducing agents have shown a recovery trend, with Q4 sales increasing by 10% year-on-year and Q1 by 41% [2] - The company has experienced a gradual recovery in production operations due to the increase in sales, leading to a decrease in fixed cost amortization pressure [2] - The overall gross margin for Q4 and Q1 was 32.56% and 33.64%, respectively, indicating a continuous improvement over three consecutive quarters [2] Functional Materials Growth - The company has a competitive advantage in high-demand engineering projects, leveraging its R&D and application experience [3] - Sales of functional materials reached 96,000 tons in Q4 and 65,000 tons in Q1, with year-on-year growth of 10% and 41%, respectively [3] - The company's engineering projects are expected to continue driving growth in functional materials [3] Profit Forecast and Valuation - The company has raised its profit forecast for 2025 by 11%, predicting net profits of 190 million, 242 million, and 291 million yuan for 2025-2027 [4] - The current stock price corresponds to a PE valuation of 17, 13, and 11 times for the respective years [4] - The company maintains a "buy" rating [4]