Sinocat(688737) 光大证券·2025-03-18 06:34Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for 2024 is projected at 1.562 billion yuan, a slight increase of 1.18% year-on-year, while the net profit attributable to shareholders is expected to be -26.86 million yuan, resulting in a basic earnings per share of -0.22 yuan [1] - The decline in performance is attributed to weakened downstream demand in the main business and increased investment in new business development, particularly in the exhaust treatment catalyst sector [1][2] - The company is actively expanding into new areas such as energy storage and composite materials, with significant increases in R&D investment, which rose by 30.91% year-on-year to 72 million yuan in the first three quarters of 2024 [1][2] Summary by Sections Financial Performance - The company reported a gross margin of 9.54% for the first three quarters of 2024, a decrease of 1.64 percentage points compared to the same period last year [1] - The revenue forecast for 2025 is 2.033 billion yuan, with a growth rate of 30.16%, and for 2026, it is projected to reach 3.143 billion yuan, reflecting a growth rate of 54.64% [4] Business Development - The high-end composite materials business is expected to start production by the end of 2025, with a capacity of 500,000 square meters per year for prepreg and 30 tons per year for aerospace composite components [2] - The company has received a development notification for fuel cell engines, which is expected to accelerate its expansion into the hydrogen energy market [2] Profitability and Valuation - The net profit forecasts for 2024 to 2026 have been adjusted to -27 million yuan, 57 million yuan, and 238 million yuan respectively, reflecting a downward revision due to increased investment in new business areas [3] - The report indicates that the company has made breakthroughs in the market for internal combustion engine exhaust catalysts and is expanding into hydrogen energy, power batteries, and energy storage [3]