NOVEL(002014) 浙商证券·2025-04-24 07:38Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a revenue of 848 million (up 2% year-on-year) and a net profit attributable to shareholders of 89 million (up 3% year-on-year) in Q1 2025, indicating stable growth despite a high base from the previous year [1] - The revenue growth is primarily driven by the continuous expansion of the film business, while the printing business faces pricing pressure due to weak downstream demand and intensified competition [2][3] - The company is actively expanding its production capacity and has announced investments in new functional film materials projects, which are expected to enhance its market competitiveness and support long-term revenue growth [3] - The gross margin for Q1 2025 was 21.30%, a decrease of 0.76 percentage points year-on-year, attributed to pricing pressures in the printing business and a higher proportion of lower-margin film products [4] - The company has improved its cash flow management, with net cash flow from operating activities increasing by 62.26% year-on-year, indicating enhanced sales collection capabilities [4] Financial Summary - The company is projected to achieve revenues of 3.89 billion, 4.29 billion, and 4.76 billion in 2025, 2026, and 2027 respectively, representing growth rates of 10.34%, 10.28%, and 10.93% [5] - The net profit attributable to shareholders is expected to reach 508 million, 562 million, and 631 million in the same years, with growth rates of 8.7%, 10.54%, and 12.24% respectively [5] - The current P/E ratios are projected to be 13.77X, 12.46X, and 11.10X for 2025, 2026, and 2027 respectively, indicating a favorable valuation for investors [5]