First(603806) 新浪财经·2025-05-06 00:32Group 1 - The company reported Q1 2025 revenue of 3.624 billion yuan, a year-on-year decrease of 32%, and a net profit attributable to shareholders of 401 million yuan, down 23% year-on-year [1] - The company's sales volume in the film business is expected to decline both year-on-year and month-on-month in Q1, with a seasonal demand dip in January and February, followed by increased shipments in March due to domestic demand [2] - The company anticipates a recovery in single-watt net profit in Q1, primarily benefiting from price increases in December last year and March this year, maintaining a strong profitability level within the industry [2] Group 2 - The company expects good growth in sales of photosensitive dry film, entering a phase of volume and profit increase as major PCB customers ramp up procurement [3] - For 2025, the company forecasts improved profitability as second- and third-tier companies gradually exit the market, leading to industry consolidation [3] - The company is expanding its overseas film production capacity, initiating the second phase of its Thailand base expansion, which will further increase the proportion of overseas sales [3] Group 3 - The company has established a self-controlled core raw material supply chain and dual manufacturing centers in East and South China, positioning itself for rapid growth in the electronic materials business as the electronic circuit industry recovers [3] - The company's client base includes leading firms in the industry, and its products cater to various manufacturing processes, expanding into packaging substrates to meet high-end chip demands [3] Group 4 - The company is projected to achieve net profits attributable to shareholders of 1.9 billion yuan and 2.6 billion yuan in 2025 and 2026, respectively, corresponding to valuations of 17 and 12 times [4]