Valiant(SZ:002643) Xin Lang Cai Jing·2025-04-29 02:48Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a focus on the performance of its functional materials and OLED materials business, while also highlighting challenges in the life sciences and pharmaceutical sectors [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 3.693 billion yuan, a year-on-year decrease of 14.22%, and a net profit attributable to shareholders of 246 million yuan, down 67.72% [1]. - For Q1 2025, the company reported operating revenue of 861 million yuan, a year-on-year decline of 8.17%, and a net profit of 80 million yuan, down 18.76% [1]. - The revenue from functional materials was 3.02 billion yuan, a decrease of 10.3%, with a gross margin of 39.96%, down 3.95 percentage points [1]. Group 2: Business Segment Performance - The company's functional materials experienced a decline in sales volume by 28.3% to 5,625 tons, although the average selling price increased by 25.1% to 537,000 yuan per ton [1]. - The life sciences and pharmaceutical segment saw a revenue drop to 630 million yuan, down 28.65%, but the gross margin improved to 38.16%, up 1.94 percentage points [2]. - The company maintained its leading position in the global supply of zeolite series environmental materials for diesel vehicles despite a decrease in market demand in some regions [1]. Group 3: New Product Development - New projects are expected to gradually come online, with the "Zhongjie Neng Wanrun (Penglai) New Materials Phase I" project anticipated to start operations in the first half of 2025 [3]. - The company is actively expanding its product line in electronic information materials, including polyimide materials and semiconductor manufacturing materials [3]. - The development of new materials such as polyether ether ketone (PEEK) and high-temperature nylon (PA46) is underway, with applications in various sectors including electronics, transportation, and aerospace [3]. Group 4: Future Outlook - The company is adjusting its profit forecasts due to insufficient downstream market demand, projecting net profits of 369 million, 452 million, and 547 million yuan for 2025-2027 [3]. - The earnings per share (EPS) are expected to be 0.40, 0.49, and 0.59 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 27, 22, and 18 times [3].