SOKAN(688157) 华鑫证券·2025-02-27 12:23Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [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, up 9.91% year-on-year [3][9]. - 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, a 26.96% increase, and the automotive segment achieving 130 million yuan, a 31.96% increase [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, particularly in the smart driving sector [6][9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 748 million yuan, with a growth rate of 26.8% projected for 2025 and 34.8% for 2026 [11]. - The net profit forecast for 2024 is 89 million yuan, with significant growth expected in subsequent years, reaching 209 million yuan by 2026 [11]. Business Segments - The high-end electronic coatings segment is a key growth driver, benefiting from increased demand and a rising market share [4]. - The automotive coatings segment has also shown strong performance, supported by an effective marketing structure that enhances connections with domestic and international clients [4]. Technological Advancements - The company's PVD technology is positioned to replace environmentally harmful water electroplating, offering superior coating properties and potential applications in emerging fields such as smart driving [6].