久日新材(688199)：光引发剂价格回升业绩逐季好转 光引发剂新项目投产夯实行业地位

Core Viewpoint - The company forecasts a turnaround in profitability for 2025, expecting a net profit attributable to shareholders of 21-31.5 million yuan, and a net profit of 14.4-21.6 million yuan after deducting non-recurring items, both showing a year-on-year improvement [1] Group 1: Financial Performance - The recovery in prices of photoinitiators is expected to lead to improved quarterly performance in 2025, with significant price increases for key products: TPO, 907, and 184, rising by 14.7%, 18.1%, and 21.2% respectively [2] - The company's net profit for Q4 2025 is projected to be between 18.28-28.28 million yuan, indicating a quarter-on-quarter growth of 55%-140% [2] - The company anticipates a total of approximately 22.07 million yuan in asset losses and credit impairment losses for 2025, including 15.77 million yuan in inventory write-downs [2] Group 2: Industry Position and Projects - New photoinitiator projects are entering trial production, reinforcing the company's leading position in the industry, including a 350-ton hydroxyketone photoinitiator project and an 8,000-ton H4 ketone project [3] - The trial production of these projects will enhance the company's product variety and self-sufficiency in key upstream intermediates, solidifying its leadership in the photoinitiator sector [3] Group 3: Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 31 million yuan, 78 million yuan, and 136 million yuan for the respective years, an increase from previous estimates [3]