Yunlu Materials(SH:688190) EBSCN·2025-04-03 01:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5][14]. Core Insights - The company achieved a revenue of 1.9 billion yuan in 2024, representing a year-on-year growth of 7.24%, with a net profit of 361 million yuan, up 8.73% year-on-year [1][4]. - The gross margin for 2024 was reported at 30.58%, a slight increase of 0.08 percentage points year-on-year, with the highest gross margin for the amorphous alloy products reaching 35.68% [2][12]. - The company is expanding its production capacity for amorphous materials, reaching 105,000 tons in 2024, with plans to increase to 120,000 tons by 2027 [2][3]. Revenue and Profitability - The company's revenue from amorphous alloy products was 1.42 billion yuan, with a sales volume of 96,200 tons, reflecting a 3.80% increase in revenue year-on-year [1][4]. - The net profit forecast for 2025-2026 is set at 465 million yuan and 535 million yuan, respectively, with an additional forecast for 2027 at 613 million yuan [3][4]. Market Expansion - The company is actively pursuing overseas market expansion, with international sales contributing 566 million yuan, although this represents a decline of 13.13% year-on-year [3][4]. - The company has established a strong presence in markets such as India and South Korea, indicating potential for future growth in these regions [3]. Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected at 3.01 yuan, with a price-to-earnings (P/E) ratio of 33 [4][12]. - The return on equity (ROE) for 2024 is estimated at 14.41%, with a gradual increase expected in subsequent years [4][12].