Sirui(688102) 山西证券·2025-02-21 12:33Investment Rating - The investment rating for the company is "Buy-B" and is maintained [1][5] Core Views - The company reported a revenue of 1.33 billion yuan for 2024, representing a year-on-year increase of 12.78%, and a net profit attributable to shareholders of 117 million yuan, up 19.21% year-on-year. The growth is attributed to the company's efforts in expanding overseas markets, optimizing product structure, and the gradual contribution of new industries such as commercial aerospace [2][3] - In Q4 2024, the company achieved a revenue of 366 million yuan, a quarter-on-quarter increase of 7.65%, and a net profit of 39 million yuan, up 77.27% quarter-on-quarter, marking a new high for quarterly revenue and profit [3] - The development of commercial aerospace is driving the demand for high-temperature superconducting materials, with significant satellite deployment plans from various projects, indicating a robust growth trajectory for the industry [3] - Global electricity demand is expected to grow steadily, with an average annual growth rate of 4% from 2025 to 2027, driven by electrification in AI, data centers, and transportation sectors, which will positively impact the company's mid-to-high voltage electrical contact materials [4] Financial Performance and Forecast - The company forecasts net profits attributable to shareholders of 117 million yuan in 2024, 151 million yuan in 2025, and 212 million yuan in 2026, with corresponding P/E ratios of 62, 48, and 34 times based on the closing price of 9.99 yuan on February 20 [5][8] - Revenue projections for the company are 1.33 billion yuan in 2024, 1.70 billion yuan in 2025, and 2.14 billion yuan in 2026, reflecting growth rates of 12.8%, 28.1%, and 25.8% respectively [8][11] - The gross profit margin is expected to improve from 23.0% in 2024 to 23.9% in 2026, indicating enhanced profitability [8][11]