Cybrid(SH:603212) Soochow Securities·2024-12-24 09:23Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating an expectation of a relative performance exceeding the benchmark by 5% to 15% over the next six months [7][19]. Core Insights - The company is experiencing short-term pressure in its photovoltaic materials segment, with a significant decline in revenue and profit due to intensified competition. However, it is actively expanding its non-photovoltaic business, which is expected to drive new growth [11][20]. - For the first three quarters of 2024, the company reported a revenue of 2.307 billion yuan, a year-on-year decrease of 31%, and a net profit attributable to shareholders of -96 million yuan, a decline of 212% [11][20]. - The company aims to establish itself as a platform enterprise, diversifying into sectors such as semiconductors, automotive, and consumer electronics materials, with projected revenue from these segments reaching approximately 500 million yuan, reflecting a 10% year-on-year increase [20]. Financial Summary - The total revenue for 2023 is projected at 4.166 billion yuan, with a significant drop to 2.996 billion yuan expected in 2024, representing a year-on-year decrease of 28.08% [5][21]. - The net profit attributable to shareholders is forecasted to be -120 million yuan in 2024, with subsequent recoveries to 16 million yuan in 2025 and 79 million yuan in 2026, indicating a growth trajectory of 216% and 403% in the following years [5][21]. - The company's cash flow from operating activities for 2024 is expected to be 1.161 billion yuan, a significant recovery from 25 million yuan in 2023 [23].