Hubei Feilihua Quartz Glass (300395) 民生证券·2025-04-22 03:46Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company achieved a revenue of 1.74 billion yuan in 2024, a year-over-year decrease of 16.7%, and a net profit attributable to shareholders of 314 million yuan, down 41.6% year-over-year [1][2]. - The company is focusing on long-term development by deepening its industrial chain layout and achieving technological breakthroughs in key materials despite facing significant short-term demand pressures [1][2]. - The company successfully developed 18 high-performance composite material structural component projects, which passed relevant testing assessments by the end of 2024 [2][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 430 million yuan, a year-over-year decline of 28.1%, and a net profit of 80 million yuan, down 37.5% year-over-year [2]. - The gross profit margin for 2024 decreased by 7.3 percentage points to 42.2%, with net profit margin declining by 8.7 percentage points to 18.7% due to changes in customer structure [2]. - The company’s revenue from quartz glass products was 660 million yuan, down 3.6% year-over-year, while revenue from quartz glass materials was 1.05 billion yuan, down 21.4% year-over-year [3]. R&D and Operational Efficiency - The company increased its R&D expenses by 12% to 250 million yuan in 2024, with the R&D expense ratio rising to 14.3% [4]. - The company’s accounts receivable decreased by 12% to 780 million yuan, while inventory increased by 11.6% to 740 million yuan by the end of 2024 [4]. Future Projections - The company is expected to achieve net profits of 576 million yuan, 845 million yuan, and 1.09 billion yuan for the years 2025, 2026, and 2027, respectively [5][6]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 44x, 30x, and 23x, respectively [5][6].