Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 8.12 CNY [6][5]. Core Insights - The company achieved a record high in overall revenue, with a total revenue of 1.2 billion CNY for the year 2024, representing a year-on-year increase of 12%. However, the net profit attributable to shareholders decreased by 29% to 50 million CNY [1][5]. - The decline in net profit is primarily attributed to the early investment phase of the solar photovoltaic projects, which have not yet significantly impacted overall revenue. The company has prudently accounted for depreciation and impairment [2][5]. - The industrial paper packaging segment generated 900 million CNY in revenue, up 18% year-on-year, accounting for 76% of total revenue. The composite plastic packaging segment saw a revenue decline of 5% to 160 million CNY, representing 13% of total revenue [2][5]. - The company is advancing its new photovoltaic business, with its subsidiary, Aina New Energy, developing and producing polyurethane composite material frames, which have received various certifications and are expected to meet the needs of the photovoltaic industry [4][5]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 300 million CNY, a 3% increase year-on-year, but a net loss of 10 million CNY, down 143% year-on-year. The annual gross margin was 21.6%, a decrease of 1.9 percentage points [1][2]. - The company’s expenses for sales, management, R&D, and financial costs were 2.37%, 9.55%, 3.61%, and 1.93% respectively, with management expenses increasing due to new share payments and employee compensation [2][5]. - The projected net profits for 2025, 2026, and 2027 are estimated at 73 million CNY, 88 million CNY, and 109 million CNY respectively, with corresponding EPS of 0.17 CNY, 0.20 CNY, and 0.25 CNY [5][10].
上海艾录（301062）：整体营收再创新高