凯盛新材（301069）：四季度盈利磨底，PEKK放量可期

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 [4][5] - 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, followed by growth of 27.5% in 2026 and 13.6% in 2027 [10] - The net profit attributable to shareholders is projected to be 80 million yuan in 2025, 127 million yuan in 2026, and 187 million yuan in 2027, with corresponding year-on-year growth rates of 42.6%, 59.7%, and 47.1% respectively [10] Product and Market Insights - The company is a leading player in chlorosulfonic acid and is expanding its product line into high-performance polymer materials such as PEKK [8][9] - The PEKK material has significant performance advantages and is crucial for national strategic development, with the company achieving a cost advantage through its production process [7] Future Outlook - The company is expected to see a gradual recovery in profits as it continues to innovate and expand its product offerings, particularly in the PEKK segment [9] - The projected net profit for 2025-2027 indicates a positive growth trajectory, with the company aiming to leverage its technological advancements and market position [9][10]