奥来德（688378）：设备业务拓展，材料持续增长

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.998, 1.402, and 1.712 for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (P/E) ratios of 17.90X, 12.74X, and 10.44X [6] Core Insights - In 2024, the company achieved revenue of 533 million RMB, a year-on-year increase of 3.00%, while the net profit attributable to shareholders was 90 million RMB, a decrease of 26.04% compared to the previous year [2] - The first quarter of 2025 saw a significant decline in revenue, with 1.53 million RMB, down 40.71% year-on-year, and a net profit of 25 million RMB, down 73.23% [2] - The materials business generated revenue of 363 million RMB in 2024, reflecting a growth of 14.31%, supported by strong performance of key products GP, RP, and BP [4] - The company has made substantial investments in research and development, with R&D expenses reaching 122 million RMB in 2024, an increase of 20.29% year-on-year, indicating a commitment to innovation [3][5] Summary by Sections Financial Performance - Revenue for 2024 was 533 million RMB, with a growth rate of 3.00%, while net profit was 90 million RMB, showing a decline of 26.04% [10] - For 2025, projected revenues are expected to rise significantly to 920 million RMB, with a growth rate of 72.67% [10] Cost Structure - Sales expenses were 15 million RMB in 2024, down 6.9% year-on-year, while management expenses were 99 million RMB, up 4.11% [3] - R&D expenses increased to 122 million RMB, reflecting a 20.29% rise, highlighting the company's focus on enhancing its product offerings [3] Business Segments - The materials segment is performing well, with a revenue increase of 14.31% in 2024, driven by the strong market position of its key products [4] - The equipment segment has seen successful project completions and new contracts, indicating robust demand and operational capabilities [4] Future Outlook - The company forecasts net profits of 208 million RMB, 292 million RMB, and 356 million RMB for 2025, 2026, and 2027 respectively, with corresponding EPS growth [6][10]