Investment Rating - The report maintains a "Buy-B" rating for the company [1][5]. Core Views - The company has shown significant overseas growth, with overseas revenue reaching 1.166 billion yuan, a year-on-year increase of 30.03% [2]. - The decline in shipping costs is expected to drive profit recovery, as shipping expenses for 2024 amounted to 92.855 million yuan, with a per-ton cost of 678.9 yuan, reflecting a 48% increase year-on-year [3]. - The company achieved a total revenue of 2.006 billion yuan in 2024, representing a year-on-year growth of 23.27%, while the net profit attributable to shareholders decreased by 27.70% to 78 million yuan [2][3]. Financial Performance - The company reported a sales volume of 136,800 tons in 2024, an increase of 22.18% year-on-year, with an average selling price of 14,640 yuan per ton, remaining stable compared to the previous year [3]. - The overall gross profit margin for 2024 was 12.38%, down by 2.64 percentage points, primarily due to rising shipping costs [3]. - The projected net profits for 2025, 2026, and 2027 are estimated at 123 million yuan, 154 million yuan, and 182 million yuan, respectively, with corresponding P/E ratios of 16, 13, and 11 times based on the closing price of 24.28 yuan on April 16 [5][8]. Market Performance - The company's stock reached a high of 36.66 yuan and a low of 20.80 yuan within the year [3]. - The market capitalization is reported at 1.942 billion yuan, with a circulating A-share market value of 1.104 billion yuan [3].
聚胶股份（301283）：海外增长突出，运费下降或推动盈利修复