Shanghai YanPu(605128) 华安证券·2025-04-02 09:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience significant operational growth in 2024, driven by new business developments and a strong performance in Q4 2024, with revenue reaching a record high [7][8] - The company has successfully expanded into new projects, including the seating frame and railway container sectors, contributing to a robust revenue increase of 50% year-on-year in 2024 [7] - 2025 is anticipated to be a pivotal year for the company, with key advancements in its core business and the potential for substantial breakthroughs in the automotive seating market [7] Financial Performance Summary - For 2024, the company achieved operating revenue of 2,276 million yuan, a year-on-year increase of 49.9%, and a net profit attributable to the parent company of 137 million yuan, also up by 50.3% [6][7] - The projected financials for 2025-2027 indicate continued growth, with net profits expected to reach 220 million yuan in 2025, 328 million yuan in 2026, and 436 million yuan in 2027, reflecting growth rates of 60.7%, 48.8%, and 32.9% respectively [6][7] - The company's gross margin for 2024 was reported at 17.3%, with expectations for gradual improvement in subsequent years [6][7] Business Development Insights - The company has made significant progress in its R&D capabilities, particularly in the automotive seating sector, with a fully equipped laboratory and a team of experienced professionals [7] - Ongoing collaborations with several well-known automotive manufacturers are expected to enhance the company's market position and product offerings [7] - The successful launch of new products, such as railway containers, demonstrates the company's ability to diversify and innovate within its operational framework [7]