DFD(SZ:002407) Minsheng Securities·2025-04-24 13:54Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Views - The company experienced significant revenue decline in 2024, with total revenue of 8.207 billion yuan, a year-on-year decrease of 31.25%. The net profit attributable to shareholders was -308 million yuan, down 160.36% year-on-year [1][5]. - In Q1 2025, the company reported a revenue of 2.098 billion yuan, a slight decrease of 2.09% year-on-year, but a net profit of 65 million yuan, representing a 69.24% increase year-on-year [1]. - The company’s four major business segments are showing collaborative growth, particularly in lithium hexafluorophosphate, which saw sales of 4.33 tons and revenue of 2.593 billion yuan in 2024, accounting for 31.59% of total revenue [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.331 billion yuan, a decrease of 57.78% year-on-year, and a net profit of -333 million yuan, turning from profit to loss compared to Q4 2023 [2]. - The gross margin for Q4 2024 was 10.88%, a decrease of 0.23 percentage points year-on-year, while the net margin was -38.65%, down 40 percentage points year-on-year [2]. Business Segments - The revenue breakdown for 2024 shows that fluorine-based new materials generated 2.693 billion yuan (32.81% of total revenue), electronic information materials contributed 935 million yuan (11.39%), and new energy batteries accounted for 1.611 billion yuan (19.63%) [3]. - The company has established a clear capacity layout, with an annual production capacity of 60,000 tons of electronic-grade hydrofluoric acid and ongoing expansion in various fields [3]. Future Outlook - The company is projected to achieve revenues of 10.742 billion yuan, 13.408 billion yuan, and 16.190 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30.9%, 24.8%, and 20.8% [4][5]. - The net profit attributable to shareholders is expected to recover to 290 million yuan in 2025, with significant growth anticipated in subsequent years [4][5].