Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company achieved a revenue of 1.546 billion yuan in 2024, representing a year-on-year increase of 16.6%, and a net profit attributable to shareholders of 324 million yuan, up 39.9% year-on-year [2][5] - The company is expected to maintain steady revenue growth in Q1 2025, supported by overseas capacity ramp-up and reduced tariff impacts [2] - The company has successfully developed new products and expanded its customer base, with foreign sales revenue reaching 1.324 billion yuan in 2024, a 17.7% increase year-on-year [2] - The company plans to invest an additional 80 million USD in its Thailand facility, which is projected to reach a capacity of 100,000 tons per year, helping to mitigate tariff impacts on U.S. sales [3] - The gross profit margin for Q4 2024 was 36.2%, an increase of 2.4 percentage points year-on-year, indicating strong profitability [3] Financial Performance Summary - Total revenue for 2024 was 1.546 billion yuan, with a projected growth rate of 10.0% for 2025 [5] - The net profit attributable to shareholders is expected to be 341 million yuan in 2025, reflecting a growth rate of 5.2% [5] - The company's gross margin is projected to be 31.9% in 2025, with a return on equity (ROE) of 15.1% [5] - The earnings per share (EPS) is expected to be 3.33 yuan in 2025, with a price-to-earnings (P/E) ratio of 12.37 [5][7]
众鑫股份：市场竞争力突出，加速全球产业链重塑