SHIHUA(688093) 东吴证券·2024-12-31 08:27Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [1][13][18]. Core Insights - The company is strategically expanding its product structure to focus on three main categories: high-performance optical materials, functional electronic materials, and functional adhesives. The functional electronic materials segment is currently the main business, with expectations for increased value as AI terminals are deployed. The high-performance optical materials segment is anticipated to be the fastest-growing area, while functional adhesives are seen as a new growth point with a new factory in Zhangjiagang entering trial production [1][7][13]. - The company has announced plans to invest approximately 2.2 billion yuan in a new manufacturing base for high-performance optical materials, which is expected to enhance its production capacity and innovation capabilities in this area [7][13]. - The company has reported significant revenue growth, with a 45.1% year-on-year increase in revenue for the first three quarters of 2024, reaching 570 million yuan, and a net profit of 200 million yuan, reflecting a 26.64% increase [27]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated at 240 million yuan, 340 million yuan, and 440 million yuan, respectively, with corresponding price-to-earnings ratios of 22, 16, and 12 [13][19]. - The revenue for 2024 is forecasted to be 678 million yuan, with a year-on-year growth rate of 32.50% [19]. - The gross profit margin is expected to be 58.88% in 2023, gradually decreasing to 54.48% by 2026, while the net profit margin is projected to decline from 37.82% to 34.70% over the same period [16][19].