Sunnypol(SZ:002876) Shenwan Hongyuan Securities·2025-04-02 14:14Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 2.59 billion yuan, a year-on-year growth of 25.25%, and a net profit attributable to shareholders of 68 million yuan, up 59.07% [5][10] - The company is experiencing a recovery in gross margin, which was 17.29% for 2024, an increase of 2.48% year-on-year, with a notable quarterly improvement [8] - The company is accelerating production capacity with new projects coming online, particularly in large-size TV applications and flexible AMOLED polarizers [8] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 2.068 billion yuan in 2023 to 4.325 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.1% [7][10] - Net profit is expected to increase significantly from 43 million yuan in 2023 to 346 million yuan in 2027, reflecting a strong growth trajectory [7][10] - The report adjusts profit forecasts for 2025 and 2026 downwards due to industry price pressures but introduces a new forecast for 2027, maintaining a favorable outlook [8]