凯盛新材：四季度盈利磨底，PEKK放量可期-20250318

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 928 million yuan in 2024, a year-on-year decrease of 5.97%, and a net profit attributable to shareholders of 56 million yuan, down 64.56% year-on-year [5][9] - The fourth quarter saw continued pressure on product prices and rising raw material costs, leading to a decline in overall revenue and profit [5][6] - The PEKK material is expected to ramp up production, providing a new growth driver for the company [7][9] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 928 million yuan, with a year-on-year decline of 6.0% expected for 2025 [10] - The net profit attributable to shareholders is projected to be 80 million yuan in 2025, reflecting a year-on-year growth of 42.6% [10] - The gross margin for 2024 is reported at 23.0%, with a slight decrease expected in the following years [10] Product and Market Analysis - The demand for chlorosulfonic acid and related products has been lower than expected due to a sluggish pesticide market, impacting pricing and profitability [6] - The company has successfully developed a one-step production method for PEKK, which is expected to enhance its competitive edge in the market [7] Future Outlook - The company is expected to see a gradual recovery in net profit, with projections of 127 million yuan in 2026 and 187 million yuan in 2027, indicating a strong growth trajectory [9][10] - The expansion into high-performance polymer materials and the development of new products are anticipated to support future revenue growth [8][9]