Xi'an Manareco(SH:688550)2025-01-25 23:34Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Insights - The company's Q4 performance met expectations, showcasing a multi-segment resonance in materials, pharmaceutical CDMO, and electronic new materials, indicating a positive outlook for sustained performance [1]. - The company anticipates significant revenue growth in 2024, with projected revenue of approximately 1.458 billion yuan, representing a year-on-year increase of about 20.6% [6]. - The OLED materials segment is experiencing robust growth, driven by increased demand in the consumer electronics market, particularly for OLED display materials [6]. - The pharmaceutical CDMO segment is expected to recover as major product orders gradually increase, contributing to overall revenue growth [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1.208 billion yuan in 2023 to 1.812 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 24.3% [5]. - The net profit attributable to the parent company is forecasted to rise from 134 million yuan in 2023 to 329 million yuan in 2025, reflecting a significant increase of 31.6% in 2025 [5]. - The company's earnings per share (EPS) is expected to increase from 0.98 yuan in 2023 to 1.88 yuan in 2025 [5]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 22, 17, and 13, respectively, indicating a favorable valuation trend [5].