ZAISHENG TECHNOLOGY(603601) 天风证券·2025-04-25 04:14Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.36 CNY, reflecting a potential upside from the current price of 3.48 CNY [7][4]. Core Insights - The company reported a revenue of 1.476 billion CNY for 2024, a year-on-year decrease of 10.87%. However, the net profit attributable to the parent company significantly improved, reaching 91 million CNY, a 137.99% increase year-on-year [1]. - The clean air materials segment generated 540 million CNY in revenue for 2024, down 2.17% year-on-year, while the efficient energy materials segment saw a revenue increase of 19.11% to 780 million CNY, driven by growth in green building and home appliance applications [2]. - The company achieved a gross margin of 21.96% in 2024, a slight increase of 0.04 percentage points year-on-year, with a notable improvement in cash flow, reaching 224 million CNY, a significant year-on-year increase [3]. Financial Performance Summary - For 2024, the company reported a revenue of 1.476 billion CNY, with a projected growth rate of 6.99% for 2025 and 8.40% for 2026 [6]. - The net profit attributable to the parent company is expected to be 1.0 billion CNY in 2025, with a growth rate of 13.21% [6]. - The company maintained a high dividend payout ratio of 78.8% in 2024, distributing 71.52 million CNY in cash dividends [4].