BAMC(SH:601137) Minsheng Securities·2025-04-16 14:23Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 18.66 billion yuan in 2024, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 1.35 billion yuan, up 20.5% year-on-year [1] - The copper alloy segment showed significant growth, with sales volume reaching 241,000 tons, a 22.2% increase year-on-year, driven by high-end product capacity release [1][2] - The photovoltaic segment maintained high profitability despite a 20% decline in sales volume, achieving a net profit of 920 million yuan, a 9% increase year-on-year [2] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 4.07 billion yuan, a decrease of 22.3% year-on-year and 28.9% quarter-on-quarter, primarily due to impairment losses [1] - The company plans to distribute a cash dividend of 5.01 yuan per 10 shares, totaling 410 million yuan, with a dividend payout ratio of 30% [1] Copper Alloy Segment - The copper alloy segment's net profit reached 440 million yuan in 2024, a 54.6% increase year-on-year, with a net profit per ton of 1,812 yuan, up 380 yuan year-on-year [1] - The company is progressing with a 30,000-ton special alloy strip project and plans to launch a 20,000-ton special alloy wire project by June 2025 [1] Photovoltaic Segment - The company’s photovoltaic module sales volume was 2,051 MW in 2024, down 20% year-on-year, mainly due to U.S. tariff policies [2] - Despite the decline in sales volume, the photovoltaic segment's profitability remains strong, with a net profit of 920 million yuan [2] - The company plans to expand its U.S. production capacity, with a 2 GW TOPCon module capacity expected to be operational by April 2025 [2] Impairment Losses - The company recorded asset impairment losses of 510 million yuan in 2024, primarily in Q4, with fixed asset impairments of 160 million yuan and inventory impairments of 350 million yuan [3] Investment Projections - The company forecasts net profits of 1.28 billion yuan in 2025, 1.53 billion yuan in 2026, and 1.96 billion yuan in 2027, with corresponding PE ratios of 11, 9, and 7 times [4][8]