Red Avenue New Materials(603650) 光大证券·2025-04-18 10:15Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 3.27 billion yuan in 2024, representing a year-on-year growth of 11.10%, and a net profit attributable to shareholders of 517 million yuan, up 27.10% year-on-year [1] - The semiconductor photoresist business saw significant growth, with revenue reaching 303 million yuan, a 50.4% increase year-on-year, while the panel photoresist segment generated 330 million yuan, growing by 26.8% [2] - The company has entered trial production for its advanced polishing pad project, which is expected to generate annual sales of approximately 800 million yuan upon reaching full capacity [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.27 billion yuan and a net profit of 517 million yuan, with a quarterly revenue of 845 million yuan in Q4, reflecting a 13.01% year-on-year increase [1][2] - The company’s investment income rose significantly to 316 million yuan, a 40.4% increase, primarily due to the strong performance of its joint venture [2] Product Development - The company launched 27 new products in the semiconductor photoresist category, with new product sales accounting for 43% of total sales [3] - The company has successfully developed new products for AMOLED panel customers, achieving mass production sales with several key clients [3] Profit Forecast and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 637 million yuan, 760 million yuan, and 877 million yuan respectively, maintaining the previous profit forecasts for 2025 and 2026 [3][5]