Sunnypol(002876) 长江证券·2025-04-06 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 2.59 billion yuan for 2024, representing a year-on-year growth of 25.25%. The net profit attributable to shareholders was 68 million yuan, up 59.07%, while the net profit excluding non-recurring items reached 76 million yuan, marking a significant increase of 128.77% [2][6] - The competitive landscape is improving, with expectations for large-size polarizer prices to recover to reasonable levels in the long term. The company's flexible OLED polarizers and 65-inch polarizers are optimizing product structure, enhancing cost competitiveness through a domestic material system, and there is significant potential for global market share growth [2][12] Summary by Sections Financial Performance - The company achieved a quarterly revenue of 716 million yuan in Q4, a year-on-year increase of 35.51% and a quarter-on-quarter growth of 3.77%. The annual global demand for polarizers is projected to be 594 million square meters, with the company's sales expected to reach 33.07 million square meters, a growth of 30.40% year-on-year [12] - The company’s EPS for 2024-2026 is projected to be 0.97, 1.80, and 2.27 yuan, with corresponding P/E ratios of 27.31, 14.69, and 11.65 [12][17] Product Development and Market Position - The company is focusing on the launch of new products and the advancement of its new material system. Key projects include the second phase of production in Hefei, which is designed for 65-inch TV panel cutting, and the development of flexible AMOLED polarizers for small and medium-sized screens [12] - The company has successfully developed a new type of OLED polarizer with features such as thinner design, circular polarization, and blue light protection, with over 20 million units shipped in Q1 2024 [12]