联瑞新材（688300）：全年业绩高增，高阶产品持续放量

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported significant growth in annual performance, with a revenue of 960 million yuan in 2024, representing a year-on-year increase of 35%. The net profit attributable to shareholders reached 251 million yuan, up 44% year-on-year [8] - The demand for high-end products is rapidly increasing, driven by the recovery in the electronics industry and advancements in communication technologies such as 5G [8] - The company is a leading domestic producer of silicon micro-powder, benefiting from a recovery in downstream demand and an increase in sales of high-end products [8] - The company has a strong focus on advanced powder materials, with ongoing research and development in functional powder materials, which lays a solid foundation for long-term growth [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 712 million yuan in 2023 to 1,623 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 16.5% [7][10] - The net profit attributable to shareholders is expected to increase from 174 million yuan in 2023 to 498 million yuan in 2027, reflecting a CAGR of about 21.9% [7][10] - The company's gross margin is forecasted to improve from 39.3% in 2023 to 44.6% in 2027, indicating enhanced operational efficiency [7][10] - The price-to-earnings (PE) ratio is projected to decrease from 61 in 2023 to 21 in 2027, suggesting a more attractive valuation over time [7][10]