SDF(SH:605006) Tianfeng Securities·2025-04-10 01:42Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company achieved a net profit of 2.006 billion yuan in 2024, with a significant recovery in Q4, where it turned a profit of 12 million yuan [1]. - The glass fiber business experienced a decline in both volume and price, with revenues of 1.55 billion yuan, down 14.2% year-on-year, and sales volume decreased by 8% to 443,000 tons [2]. - The thermal power business showed strong growth, with revenues of 436 million yuan, up 18.65%, and electricity sales increased by 156% to 317 million kWh [3]. - The overall gross margin for the company was 8.11%, a decrease of 2.33 percentage points year-on-year, while Q4 gross margin improved to 13.19% [4]. Financial Performance Summary - The company reported a total revenue of 2.00586 billion yuan in 2024, a decrease of 8.89% compared to the previous year [7]. - The net profit attributable to the parent company for 2024 was -989.3 million yuan, reflecting a significant decline of 193.92% [7]. - The company’s operating cash flow was 162 million yuan, down 3.85 million yuan year-on-year, with a cash collection ratio of 77% [4][7]. - The company’s asset-liability ratio stood at 63.18%, an increase of 5.13 percentage points year-on-year [4][9].