西典新能(603312)：FCC工艺放量在即 储能业务可期

Group 1 - The company achieved a revenue of 2.165 billion in 2024, representing a year-on-year growth of 17.9%, and a net profit attributable to shareholders of 228 million, up 15.0% year-on-year [1] - In Q4, the company reported a revenue of 750 million, showing a year-on-year increase of 56.0% and a quarter-on-quarter growth of 30.2%, with a net profit of 80 million, up 46.0% year-on-year and 42.2% quarter-on-quarter [1] - For Q1 2025, the company recorded a revenue of 707 million, reflecting an 80.3% year-on-year growth, while the net profit was 72 million, up 44.8% year-on-year [1] Group 2 - The company's gross margin and net margin for 2024 were 17.4% and 10.5%, respectively, with year-on-year changes of -1.0pp and -0.3pp [2] - In Q1 2025, the gross margin and net margin were 17.3% and 10.2%, showing year-on-year changes of -2.4pp and -2.5pp [2] - The company maintained good expense control, with sales, management, R&D, and financial expense ratios for 2024 being 0.5%, 1.4%, 2.9%, and -0.6%, respectively [2] Group 3 - The company is set to benefit from increased production capacity in battery FCC technology, with a revenue of 1.669 billion from battery connection systems in 2024, up 14.07% year-on-year [3] - The company has made significant progress in key technologies such as film, direct welding, and FCC, successfully launching direct welding and film technologies to reduce product costs [3] - Future revenue projections for 2025-2027 are 2.95 billion, 3.54 billion, and 4.27 billion, with expected net profit growth rates of 37.1%, 28.1%, and 20.8% respectively [3]