First(SH:603806) Soochow Securities·2025-04-10 03:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid development in its second growth curve, with a 38% year-on-year increase in the shipment of photosensitive dry film, and is expected to maintain high growth in 2025 [3] - The electronic materials business is diversifying, with projected revenue of 740 million yuan and profit of 43 million yuan in 2024, alongside a 29% increase in aluminum-plastic film shipments [3] - The company is focusing on high-end product demands, particularly in the AI and chip packaging substrate sectors, which is expected to contribute to a growth rate of over 30% in 2025 [3] Financial Summary - Total revenue for 2023 is projected at 22.589 billion yuan, with a year-on-year growth of 19.66%, while 2024 is expected to see a decline of 15.23% to 19.147 billion yuan [1] - The net profit attributable to shareholders is forecasted to be 1.850 billion yuan in 2023, decreasing to 1.308 billion yuan in 2024, a decline of 29.33% [1] - Earnings per share (EPS) is expected to drop from 0.71 yuan in 2023 to 0.50 yuan in 2024, with a projected recovery to 0.62 yuan in 2025 [1] - The company anticipates a net profit of 1.630 billion yuan in 2025, representing a growth of 24.66% compared to 2024 [1] - The price-to-earnings (P/E) ratio is projected to be 25.00 for 2024, decreasing to 20.05 in 2025 and further to 14.67 in 2026 [1]