Zheng Quan Zhi Xing·2025-05-09 00:10Core Viewpoint - The report highlights the significant growth in overseas revenue for Ding Sheng New Materials, indicating a strong global expansion strategy and maintaining a buy rating for the company [1][4]. Financial Performance - In 2024, Ding Sheng New Materials reported a total revenue of 24.022 billion yuan, a year-on-year increase of 26.01%, while the net profit attributable to shareholders was 301 million yuan, a decrease of 43.70% [3]. - For Q1 2025, the company achieved a revenue of 6.457 billion yuan, reflecting a year-on-year growth of 26.08%, with a net profit of 85 million yuan, marking a significant increase of 179.93% [3]. - The sales volume of aluminum foil products reached 816,100 tons in 2024, up 29.00%, generating revenue of 19.989 billion yuan, also up 29.06% [3]. Market Position and Strategy - The company is the largest manufacturer of battery aluminum foil globally, benefiting from scale advantages that enhance market competitiveness [2][4]. - Ding Sheng New Materials has established production bases in various locations, including Jiangsu, Zhejiang, Inner Mongolia, Thailand, and Europe, positioning itself as a leader in overseas expansion among aluminum foil manufacturers [4]. - The overseas revenue reached 8.850 billion yuan in 2024, representing a growth of 55.35%, indicating a strong foothold in international markets [4]. Valuation and Earnings Forecast - The earnings per share forecast for 2025-2027 has been adjusted to 0.53, 0.64, and 0.77 yuan, respectively, with corresponding price-to-earnings ratios of 16.4, 13.5, and 11.3 times [5]. - The company maintains a buy rating based on its growth potential and market position [5].