CHANGHAI(SZ:300196) Tianfeng Securities·2025-04-19 13:13Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company is expected to see slight revenue growth in 2024, with a significant improvement in Q4 performance. The annual revenue is projected to reach 2.662 billion yuan, a year-on-year increase of 2.10%, while the net profit attributable to the parent company is expected to be 274.78 million yuan, a decrease of 7.20% year-on-year [1][4]. - The company has shown resilience in its glass fiber and chemical segments, with glass fiber revenue increasing by 3.2% to 1.969 billion yuan, driven by increased production capacity. However, the average selling price per ton decreased by 6% year-on-year [2][3]. - The overall gross margin for the year is reported at 22.72%, a decline of 1.79 percentage points year-on-year, with Q4 gross margin at 21.05% [3]. Financial Performance Summary - In Q4, the company achieved a revenue of 759 million yuan and a net profit of 72 million yuan, marking a year-on-year increase of 22.66% and 786.99% respectively [1]. - The company’s operating cash flow for the year was 448 million yuan, a decrease of 272 million yuan year-on-year, with a cash collection ratio of 68.97% [3]. - The company’s total assets are projected to reach 7.120 billion yuan in 2024, with a debt-to-asset ratio of 35.07% [3][19]. Future Earnings Forecast - The report projects the net profit attributable to the parent company for 2025 and 2026 to be 420.25 million yuan and 572.76 million yuan respectively, reflecting a growth rate of 52.94% and 36.29% [4][19]. - The company is expected to maintain a steady growth trajectory, with revenue forecasts for 2025 and 2026 at 3.106 billion yuan and 4.126 billion yuan respectively, indicating growth rates of 16.68% and 32.86% [6][19].