ZAISHENG TECHNOLOGY(603601) 天风证券·2025-04-25 05:23Investment 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 year-on-year increase of 137.99% [1][4]. - 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][4]. - The company achieved a gross margin of 21.96% for 2024, a slight increase from the previous year, with a notable improvement in cash flow, reaching 224 million CNY, a significant year-on-year increase [3][4]. Financial Performance Summary - The company’s revenue for 2024 is projected at 1.579 billion CNY, with a growth rate of 6.99% expected for 2025. The net profit attributable to the parent company is forecasted to be 102.74 million CNY for 2025, reflecting a growth rate of 13.21% [6][15]. - The EBITDA for 2024 is estimated at 326.44 million CNY, with a slight decrease expected in 2025 to 270.65 million CNY [6][15]. - The company’s cash dividend for 2024 was 71.52 million CNY, with a dividend payout ratio of 78.8% [4][6].