呈和科技(688625)：单季度利润创历史新高 国产替代充分受益中美贸易争端

Core Insights - The company reported a revenue of 882 million RMB for 2024, representing a year-on-year growth of 10.31%, and a net profit attributable to shareholders of 250 million RMB, up 10.68% year-on-year [1][3] - In Q4 2024, the company achieved a revenue of 234 million RMB, with a year-on-year increase of 8.83%, but the net profit decreased by 10.51% to 52.34 million RMB [1] - For Q1 2025, the company generated a revenue of 220 million RMB, marking a 14.97% year-on-year growth, and a net profit of 71.46 million RMB, which is a 15.82% increase year-on-year [1] Financial Performance - The company has achieved record high profitability, with a continuous double-digit growth in performance for the tenth consecutive year [2][3] - The projected revenues for 2025-2027 are 1.138 billion RMB, 1.4 billion RMB, and 1.735 billion RMB respectively, with net profits of 283 million RMB, 337 million RMB, and 412 million RMB [5] Market Position and Strategy - The company is benefiting from the ongoing US-China trade disputes, with an increasing market share in high polymer material additives [3] - The company has over 180 different types of nucleating agents, synthetic hydrotalcite, and composite additives, enabling it to provide one-stop raw material supply to high-quality downstream customers [3] - The company is actively pursuing product innovation and expanding applications to enhance market share and steady growth [3] M&A Activity - The company signed an acquisition agreement to purchase at least 51% of a semiconductor materials company, with an estimated valuation of 1.8 billion RMB for the target company [4] - The target company specializes in high-performance sputtering targets, which are essential materials in the electronics manufacturing industry [4]