ANLI(SZ:300218) Tianfeng Securities·2025-04-18 15:34Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company is expected to have stable orders in Q1 2025, with a projected revenue growth of approximately 2.92% and a net profit attributable to shareholders between 0.44 to 0.48 billion RMB, representing a year-on-year increase of 6.6% to 16.3% [1] - The company emphasizes brand enhancement and innovation, optimizing product structure with a focus on high-tech and high-value-added products, leading to a 9.43% increase in the average selling price of main products [1] - The company has reported a significant increase in revenue and net profit for 2024, with total revenue of 2.4 billion RMB, up 20% year-on-year, and a net profit of 194 million RMB, up 174% year-on-year [2] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 600 million RMB, a 6% increase year-on-year, and a net profit of 40 million RMB, a 50% increase year-on-year [2] - The company plans to distribute a cash dividend of 2.50 RMB per 10 shares, with a payout ratio of 27.53% [2] - The gross margin for ecological functional synthetic leather in 2024 was 24%, an increase of 2.85 percentage points [2] Product and Market Strategy - The company is implementing a major client strategy and global market layout, focusing on two major product categories (functional footwear materials and sofa home furnishings) and two emerging categories (automotive interiors and electronic products) [3] - The functional footwear materials category shows strong momentum, with partnerships established with major brands like Nike, Adidas, and Anta [3][4] - The automotive interior category is seeing initial success, with products being applied in various car models from brands like BYD and Toyota [4] Technological Advancements - The company is increasing the application of high-value, high-tech products, with significant growth in products like TPU and water-based breathable leather [10] - Investments of approximately 72 million RMB are planned for fixed assets and technological upgrades, including the addition of new production lines in both the domestic and Vietnamese facilities [10] Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 230 million RMB, 280 million RMB, and 330 million RMB respectively [11] - Earnings per share (EPS) are projected to be 1.1 RMB, 1.3 RMB, and 1.5 RMB for the years 2025, 2026, and 2027 respectively [11]