Core Viewpoint - The company experienced a decline in net profit for 2024 due to rising raw material prices and shipping costs, but showed signs of recovery in Q1 2025 with improved revenue and profit margins [1][2]. Financial Performance - In 2024, the company achieved total revenue of 2.006 billion yuan, a year-on-year increase of 23.27%, but the net profit attributable to shareholders was 78 million yuan, a decrease of 27.70% [1]. - For Q4 2024, total revenue was 559 million yuan, up 20.52% year-on-year and 10.44% quarter-on-quarter, while net profit was 11 million yuan, down 61.08% year-on-year but up 16.04% quarter-on-quarter [1]. - In Q1 2025, total revenue reached 503 million yuan, a year-on-year increase of 4.80% but a quarter-on-quarter decrease of 9.88%, with net profit at 36 million yuan, up 13.62% year-on-year and significantly up 218.29% quarter-on-quarter [1]. Cost and Margin Analysis - The decline in 2024 performance was attributed to increased raw material prices and shipping costs, while Q1 2025 saw a reduction in shipping costs leading to a gross margin increase of 5.52 percentage points quarter-on-quarter [2]. - By April 25, 2025, the China Export Container Freight Index was 1122.40, down 27.48% from the beginning of the year, positively impacting Q1 2025 performance [2]. Global Expansion and Innovation - The company is actively expanding its global production capacity, with overseas sales revenue increasing by 30.03% year-on-year, accounting for 58.12% of total revenue [3]. - Emphasis on independent innovation and technology development is driving product upgrades and faster industrialization of new products [3]. Investment Outlook - The company is one of the four major suppliers of hot melt adhesives in the industry and has entered the supply chains of leading domestic and international hygiene product companies [3]. - Projected net profits for 2025-2027 are 144 million, 205 million, and 246 million yuan, with year-on-year growth rates of 84.68%, 41.94%, and 20.21% respectively, corresponding to P/E ratios of 16X, 11X, and 9X [3].
聚胶股份(301283)：1Q25海运费下调拉动公司盈利修复 看好公司海外市场持续开拓