富临精工(300432)：24年扭亏为盈 看好多业务共振

Core Viewpoint - The company reported a significant improvement in financial performance for 2024 and Q1 2025, with a notable increase in revenue and a return to profitability, indicating a positive outlook for future growth [1][2]. Financial Performance - In 2024, the company achieved a revenue of 8.47 billion yuan, representing a year-on-year increase of 47.02%, and a net profit attributable to shareholders of 397 million yuan, marking a turnaround from losses [1][2]. - For Q1 2025, revenue reached 2.70 billion yuan, showing a year-on-year increase of 80.30% and a quarter-on-quarter increase of 4.22%, with a net profit of 124 million yuan, reflecting a year-on-year increase of 211.85% and a quarter-on-quarter increase of 43.71% [1][2]. Business Segments - The lithium battery cathode materials segment generated revenue of 4.83 billion yuan in 2024, up 71.99% year-on-year, while the automotive components segment generated 3.64 billion yuan, up 23.28% year-on-year [2]. - The gross margin for lithium battery cathode materials improved significantly, while the automotive components segment experienced a decline in gross margin due to capacity ramp-up and market competition [2]. Market Position and Strategy - The company is accelerating its layout in the fast-charging market, with lithium iron phosphate cathode materials showing a substantial increase in shipment volume, reaching 126,000 tons in 2024, a year-on-year increase of 179% [3]. - The automotive components business is experiencing steady growth, with new projects from domestic brands and mainstream new energy vehicle companies contributing to performance [4]. Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2026, estimating net profits of 958 million yuan and 1.41 billion yuan, respectively, reflecting downward adjustments of 26.49% and 17.98% [5]. - The target price for the company's shares is set at 26.77 yuan, based on a valuation approach using comparable companies' price-to-earnings ratios [5].