Investment Rating - The report assigns a "Buy" investment rating for the company [9] Core Views - The company's main product prices have declined, leading to a decrease in revenue for 2024, with total revenue reported at 468 million yuan, down 25.72% year-on-year [4][5] - The company has completed trial production of its 8,800t/a piperazine series product project, which is expected to enhance its market position in the fine chemical sector [7] - Financial expenses have decreased year-on-year primarily due to increased interest income, with the financial expense ratio down by 2.23 percentage points [6] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 468 million yuan, a decrease of 25.72% year-on-year, and a net profit attributable to shareholders of 81 million yuan, down 42.68% year-on-year [4][8] - The fourth quarter of 2024 saw a revenue increase of 6.43% year-on-year and a net profit increase of 47.02% year-on-year [4] Product and Production - The piperazine series product's production volume increased by 1.11% year-on-year to 11,448.22 tons, while sales volume decreased by 7.45% year-on-year to 10,505.12 tons due to price reductions influenced by downstream demand [5] Future Outlook - The company forecasts net profits for 2025, 2026, and 2027 to be 116 million yuan, 131 million yuan, and 149 million yuan respectively, with corresponding price-to-earnings ratios of 24.9, 22.1, and 19.5 [8][11] - The company is expected to see a revenue growth rate of 18.0% in 2025, with a projected increase in net profit of 43.5% [11]
兴欣新材：公司事件点评报告：主要产品价格下跌致业绩承压，8800t哌嗪系列产品项目完成试生产-20250330