GON(SZ:002768) Xin Lang Cai Jing·2025-04-30 06:47Group 1 - The company achieved a total operating revenue of approximately 19.2 billion yuan in 2024, representing a year-on-year increase of 10.21% [1] - The net profit attributable to shareholders for 2024 was approximately 676 million yuan, up 45.18% year-on-year [1] - In Q4 2024, the company reported an operating revenue of about 5.1 billion yuan, a year-on-year increase of 6.04% and a quarter-on-quarter increase of 4.67% [1] - The net profit attributable to shareholders in Q4 2024 was approximately 218 million yuan, with a significant year-on-year increase of 148.67% [1] - For Q1 2025, the company reported an operating revenue of about 4.4 billion yuan, a slight year-on-year decrease of 0.23% and a quarter-on-quarter decrease of 12.79% [1] - The net profit attributable to shareholders in Q1 2025 was approximately 111 million yuan, down 9.79% year-on-year and down 49.10% quarter-on-quarter [1] Group 2 - The company is extending its vertical integration strategy, forming a "one body, two wings" development model, focusing on both large chemical and large health sectors [2] - In the large chemical sector, the company completed the acquisition of Hong Kong Petrochemical, gaining an annual production capacity of 250,000 tons of polystyrene [2] - The company acquired a 67% stake in CITIC Guoan Chemical, enhancing its vertical integration in the styrene industry chain [2] - In the large health sector, the company is developing collagen products through Dongbao Biological, with current gelatin production capacity of approximately 13,500 tons per year [2] - The company expects the production capacity of hollow capsules to reach 70 billion pieces per year after new projects are operational [2] - The vertical integration in the styrene industry chain is anticipated to improve profit margins, while increasing demand for new engineering materials will provide broader market opportunities [2] - The company forecasts net profits attributable to shareholders of 690 million, 771 million, and 950 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 10.22X, 9.15X, and 7.42X [2]