ANLI(300218)2025-01-25 23:33Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.90-2.00 billion yuan in 2024, representing a year-on-year growth of 168.27% to 182.39% [1]. - The company's main products have seen significant growth in both volume and price, with a projected sales volume increase of approximately 10.9% and sales revenue growth of about 20.2% in 2024 [2]. - The automotive interior business is anticipated to experience "low base, high growth" due to the company's expanding market share and partnerships with major automotive brands [2]. - The company's Vietnam operations are expected to improve as it has recently passed supplier certifications from major clients, leading to increased production and sales [3]. - The company is projected to achieve net profits of 1.95 billion, 2.72 billion, and 3.28 billion yuan from 2024 to 2026, with corresponding EPS of 0.90, 1.25, and 1.51 yuan [4]. Summary by Sections Financial Performance - The company forecasts a total revenue of 2,460 million yuan in 2024, a 23% increase from 2023, with net profit expected to rise to 195 million yuan, marking a 174.6% increase [5]. - The projected revenue for 2025 and 2026 is 2,969 million yuan and 3,477 million yuan, respectively, with net profits of 272 million yuan and 328 million yuan [5][9]. Product and Market Development - The company has increased its R&D investment to approximately 138 million yuan in 2024, a year-on-year growth of about 9.15%, indicating strong future growth potential [2]. - The product mix is improving, with a higher proportion of high-tech, high-value-added products such as water-based and solvent-free materials [2]. Operational Expansion - The Vietnam facility is ramping up production, with two production lines operational since late 2022, and is expected to reach breakeven in 2024 as it secures more orders from major clients [3].