Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a significant increase in shipments in 2024, with a forecasted growth of over 100% year-on-year, indicating an upcoming profitability turning point [8] - The company anticipates a revenue decline in 2024 but expects a recovery in 2025 with a projected growth rate of 25% [8] - The company has a current production capacity of 70,000 tons, with plans to increase shipments to over 80,000 tons in 2025 [8] Financial Summary - Total revenue for 2024 is projected to be 831.72 million yuan, a year-on-year decrease of 12.34% [1] - The net profit attributable to the parent company is expected to be a loss of 33.28 million yuan in 2024, compared to a profit of 41.30 million yuan in 2023, reflecting a year-on-year decline of 180.60% [1] - The earnings per share (EPS) for 2024 is forecasted to be -0.33 yuan, down from 0.40 yuan in 2023 [1] - The company is expected to return to profitability in 2025, with a projected net profit of 71.63 million yuan [8] - The price-to-earnings (P/E) ratio for 2025 is estimated to be 48.55 times [1]
信德新材：2024年业绩预告点评：24年出货翻番以上增长，盈利拐点将至