GDHEC CO.,LTD(600673) 申万宏源证券·2025-04-12 06:57Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, driven by rising refrigerant prices and successful production of layered foil projects [7]. - The first quarter of 2025 is expected to show a slight outperformance, with net profit projected to grow by 156.17% to 227.05% year-on-year [7]. - The company is well-positioned in the refrigerant market, with a favorable outlook for 2025 due to supply-demand dynamics and price increases [7]. - Strategic partnerships in liquid cooling solutions and humanoid robotics are expected to enhance growth prospects [7]. - The layered foil capacitor project is set to lead industry upgrades, with significant customer engagement and production capacity expansion [7]. Financial Data and Profit Forecast - Total revenue is projected to grow from 10,854 million in 2023 to 16,965 million by 2027, with a compound annual growth rate (CAGR) of approximately 10.1% [3][9]. - Net profit is expected to increase from -294 million in 2023 to 2,137 million by 2027, reflecting a substantial recovery and growth trajectory [3][9]. - Earnings per share (EPS) is forecasted to rise from -0.10 in 2023 to 0.71 in 2027, indicating improved profitability [3][9]. - The gross margin is anticipated to improve from 11.1% in 2023 to 23.6% in 2027, showcasing enhanced operational efficiency [3][9]. - Return on equity (ROE) is projected to increase from -3.0% in 2023 to 14.8% in 2027, reflecting better utilization of equity [3][9].