Xi'an Manareco(688550) EBSCN·2025-04-21 06:50Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown significant improvement in gross margin, with a notable increase in performance for 2024 and Q1 2025 [6][8] - In 2024, the company achieved a revenue of 1.459 billion yuan, representing a year-on-year growth of 20.74%, and a net profit attributable to shareholders of 252 million yuan, up 87.60% year-on-year [5][8] - The OLED materials segment has become the company's largest business area, benefiting from increased penetration of OLED panels in large and medium-sized screens [7] Financial Performance Summary - For 2024, the overall sales gross margin was 44.2%, an increase of 9.0 percentage points year-on-year [6] - The OLED materials business generated revenue of 1.276 billion yuan, growing 23.7% year-on-year, with a corresponding gross margin increase of 9.9 percentage points to 43.1% [6] - The pharmaceutical intermediates business achieved revenue of 154 million yuan, a 13.6% increase year-on-year, with a gross margin of 57.8% [6] - The company’s net profit for Q1 2025 was 45.63 million yuan, reflecting a year-on-year growth of 32.90% [5] Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 324 million yuan, 415 million yuan, and 528 million yuan respectively, with the rating maintained at "Buy" [8][9] - The expected revenue growth rates for 2025, 2026, and 2027 are 26.46%, 21.03%, and 20.46% respectively [9] - The report indicates an increase in the company's overall gross margin due to a higher proportion of high-margin product sales and improved management efficiency [8]