NBSS(SH:600884) Jing Ji Guan Cha Wang·2025-05-27 04:07Core Viewpoint - In 2024, despite challenges in the negative electrode materials and polarizer industries, the company achieved stable growth in its two main businesses, driven by strategic focus and continuous innovation [1][2]. Financial Performance - In 2024, the company reported total revenue of 186.36 billion yuan, with a net profit of 6.59 billion yuan from its core businesses, despite an overall net loss of 3.67 billion yuan due to losses from associated companies and non-core asset impairments [2][4]. - In Q1 2025, the company achieved revenue of 48.04 billion yuan, a year-on-year increase of 28.04%, and returned to profitability with a net profit of 0.33 billion yuan [1][5]. Business Segments - The negative electrode materials segment saw a revenue increase of 12.80% in 2024, with sales volume growing by 28.44%, maintaining a leading market position globally [1][2]. - The polarizer segment benefited from a recovery in the display panel industry, with a significant increase in demand driven by major international events, leading to a stable growth in sales [3][4]. - The company maintained a global market share of approximately 33% in large-size polarizers, ranking first in the market for LCD television and monitor polarizers [3][4]. Industry Trends - The demand for negative electrode materials is expected to continue rising due to increased penetration of electric vehicles and high growth in energy storage needs, although the industry faces challenges such as overcapacity and price declines [2][5]. - The polarizer market is experiencing a recovery, with predictions of sustained growth in demand, particularly in OLED and large-size displays [5].