SDF(SH:605006) ZHONGTAI SECURITIES·2025-04-16 12:46Investment Rating - The report maintains an "Accumulate" rating for Shandong Fiberglass, indicating a positive outlook for the company's stock performance in the next 6 to 12 months [1][3]. Core Views - The company turned a profit in Q4 2024, with expectations for performance to stabilize and recover due to price recovery in the fiberglass market [1][3]. - The fiberglass industry is experiencing a bottoming out phase, with gradual price recovery expected as supply-demand dynamics improve [3]. - The company is actively working on cost reduction and efficiency improvements, which are anticipated to enhance profitability in the fiberglass segment [3]. Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of 2,006 million yuan, a year-on-year decrease of 9% [1][3]. - The net profit attributable to shareholders was -99 million yuan, reflecting a significant decline compared to the previous year [1][3]. - For Q4 2024, the company achieved a revenue of 520 million yuan, a year-on-year decrease of 4.4%, but a quarter-on-quarter increase of 9.9% [3]. Future Projections - The company expects a net profit of 44 million yuan in 2025, a substantial recovery from the previous year's losses [1][3]. - Revenue projections for 2025 are set at 2,393 million yuan, with a growth rate of 19% year-on-year [1][3]. - The report anticipates continued growth in net profit, reaching 169 million yuan by 2027 [1][3]. Industry Dynamics - The fiberglass market is showing signs of recovery, with price increases observed in early 2025 [3]. - The company is enhancing its production capabilities, including the digital upgrade of its production lines, which is expected to improve efficiency and reduce costs [3]. - The demand for fiberglass products in sectors such as home appliances, wind power, and automotive is stabilizing, contributing to a more favorable market environment [3].