Fulai New Material(605488) 华鑫证券·2025-04-11 12:23Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company is transitioning from a single coating material provider to an integrated solution provider, covering upstream base films, adhesives, and downstream coating processes, which enhances its overall performance [5] - The traditional business segments, including inkjet printing materials, labels, and base film products, continue to provide stable cash flow, with revenue growth rates of 7.79%, 28.07%, and 111.33% respectively [5] - The new business segment of electronic-grade functional materials has also shown significant growth, with a revenue increase of 61.91% year-on-year [5] - The company has made progress in the production of flexible sensors, with successful installation and debugging of pilot production lines, indicating accelerated industrialization [6] - The company is a leader in the domestic BOPP segment, with a focus on accelerating the domestic substitution process in various fields [7][8] - The company’s profit forecast for 2025-2027 indicates net profits of 1.23 billion, 1.56 billion, and 2.19 billion yuan respectively, with corresponding PE ratios of 59.0, 46.6, and 33.3 times [9] Summary by Sections Market Performance - The company achieved total operating revenue of 2.541 billion yuan in 2024, a year-on-year increase of 19.23%, and a net profit of 139 million yuan, up 98.42% year-on-year [4] Investment Highlights - The company’s flexible sensor technology is based on flexible substrates, allowing for efficient pressure sensing on irregular surfaces, with ongoing research and development efforts leading to new patents and standards [6] - The functional base film materials are currently experiencing a negative gross margin due to high costs during the ramp-up phase of new production lines, but improvements are expected as production stabilizes [8] Profit Forecast - The company’s projected main operating income for 2025 is 3.209 billion yuan, with a growth rate of 26.3% [11]