Tianjin Jiuri New Materials (SH:688199) EBSCN·2025-04-21 15:18Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company's revenue for 2024 reached 1.488 billion, a year-on-year increase of 20.52%, while the net profit attributable to shareholders was a loss of 53.76 million, narrowing the loss by 44.08% compared to the previous year [1][4]. - The growth in sales volume and recovery in gross margin of photoinitiators significantly improved the company's performance, with photoinitiator revenue at 1.093 billion, up 15.19% year-on-year, and a gross margin increase of 5.6 percentage points to 15.9% [2]. - The company has begun generating revenue from photoresist products, with a revenue contribution of 1.34 million from photoresist business and a gross margin of 42.6% [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 364 million, a year-on-year increase of 6.26% and a quarter-on-quarter increase of 2.37% [1]. - The company reported a total production of 19,900 tons of photoinitiators, a 40.6% increase year-on-year, and sales volume of 23,100 tons, up 20.2% [2]. Cost Management - The manufacturing costs for photoinitiators decreased by 18.54% year-on-year, contributing to the recovery of gross margins [2]. - The company improved its operational management, resulting in a decrease in selling, general, and administrative expenses as a percentage of revenue [2]. Future Projections - The company forecasts net profits attributable to shareholders of 21 million, 67 million, and 128 million for 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [4][5]. - The gross margin is expected to improve further, reaching 20% by 2027 [12].