SOKAN(688157) 华鑫证券·2025-02-27 11:02Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance [9]. Core Insights - The company achieved a total revenue of 748 million yuan in 2024, representing a year-on-year growth of 26.9%, and a net profit attributable to shareholders of 89 million yuan, which is a 9.91% increase compared to the previous year [3]. - The growth is driven by two main business segments: high-end electronic coatings and automotive coatings, with the electronic segment generating 608 million yuan in revenue, up 26.96%, and the automotive segment achieving 130 million yuan, a growth of 31.96% [4]. - The company is expanding its PVD (Physical Vapor Deposition) technology, which is expected to replace traditional water electroplating methods, thus opening new growth avenues in the smart driving sector [6]. Summary by Sections Financial Performance - The company reported a significant increase in operating cash flow, with a net cash flow from operating activities of 36 million yuan in the first three quarters of 2024, an increase of 40 million yuan year-on-year [5]. - The forecast for net profit for 2024-2026 is 89 million, 153 million, and 209 million yuan respectively, with corresponding PE ratios of 54.6, 31.8, and 23.3 [9]. Business Segments - The high-end consumer electronics segment is benefiting from increased demand, while the automotive segment has established a robust marketing structure to enhance connections with domestic and international clients [4]. - The company is also innovating in the special equipment sector, collaborating with eVTOL manufacturers to develop functional coating materials for aircraft [4]. Technology and Innovation - The PVD technology offers advantages such as high adhesion, water resistance, and durability, making it a viable alternative to environmentally harmful water electroplating processes [6]. - The company is positioning itself to leverage this technology in emerging applications, particularly in robotics, enhancing product aesthetics and performance [4].