Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [8]. Core Insights - The company reported a revenue of 408 million yuan for 2024, reflecting a year-on-year growth of 19.8%, with a net profit of 101 million yuan, up 23.1% year-on-year [8]. - The company is experiencing strong growth in its aviation honeycomb segment, with over 50% year-on-year growth, driven by the European market [8]. - The company is actively pursuing international customer validation for its aviation honeycomb products, anticipating a gradual replacement of international competitors by 2025 [8]. - The company has a robust cash flow, with operating cash flow of 42.48 million yuan, up 20.8% year-on-year, and improved profitability metrics, including a gross margin of 37.5% [8]. - The company is investing 60 million yuan in the construction of a wet-process multifunctional materials project, aiming to establish a second growth curve [8]. Financial Data and Profit Forecast - Total revenue is projected to grow from 340 million yuan in 2023 to 801 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 21.3% [2][10]. - Net profit is expected to increase from 82 million yuan in 2023 to 213 million yuan in 2027, with a CAGR of about 22.2% [2][10]. - The company's earnings per share (EPS) is forecasted to rise from 0.62 yuan in 2023 to 1.46 yuan in 2027 [2][10]. - The gross margin is anticipated to improve from 34.0% in 2023 to 41.4% in 2027 [2][10]. Market Data - As of March 20, 2025, the company's closing price was 27.12 yuan, with a market capitalization of 1.301 billion yuan [3]. - The company has a price-to-earnings (P/E) ratio projected to decrease from 49 in 2023 to 19 in 2027, indicating an improving valuation [2][3].
民士达（833394）：24年业绩超预期，投建湿法多功能材料拉开第二增长序幕