ANLI(300218) 天风证券·2025-02-02 12:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [5]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.9 to 2 billion yuan in 2024, representing a year-on-year increase of 168-182%. The non-recurring net profit is also projected to be in the same range, with a growth of 157-170% [1]. - The company has become a strategic partner of Nike, which will provide it with priority support in terms of resources and development opportunities starting January 1, 2025 [2]. - The company has seen significant growth in its main products, with a 10.9% increase in sales volume and a 20.2% increase in sales revenue year-on-year [1]. Summary by Sections Financial Performance - The company forecasts a net profit of 1.9 billion yuan for 2024, with an expected EPS of 0.88 yuan. The projected net profits for 2025 and 2026 are 2.6 billion yuan and 3.2 billion yuan, respectively [5][11]. - The company reported a significant increase in sales revenue from 2 billion yuan in 2023 to an estimated 2.62 billion yuan in 2024, reflecting a growth rate of 30.99% [11]. Market Position and Growth Drivers - The company is a leading player in the global polyurethane composite materials industry, with automotive interior products being a key growth area. It has established partnerships with major automotive brands such as Toyota and BYD [3]. - The company is expanding its production capacity in Vietnam, with plans to add 12 million meters of ecological functional polyurethane synthetic leather and composite materials annually once all production lines are operational [4]. Research and Development - The company has invested approximately 138 million yuan in R&D, which accounts for about 5.7% of its revenue, indicating a strong commitment to innovation and long-term growth [1].