ZAISHENG TECHNOLOGY(603601) 东吴证券·2025-04-25 07:33Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown signs of recovery in gross margin, with new products and applications yielding positive results. The revenue for 2024 is projected at 1.476 billion yuan, a decrease of 10.87% year-on-year, while the net profit attributable to shareholders is expected to be 90.75 million yuan, an increase of 137.99% year-on-year [7][8] - The company is focusing on clean energy and efficiency, expanding its product offerings to mitigate traditional market fluctuations and create new growth points [7] Financial Performance Summary - For 2024, total revenue is expected to be 1.476 billion yuan, with a year-on-year decrease of 10.87%. The net profit attributable to shareholders is projected at 90.75 million yuan, reflecting a year-on-year increase of 137.99% [7] - The gross margin for 2024 is estimated at 22.0%, remaining stable compared to the previous year. The gross margins for clean air materials, energy-efficient materials, and dust-free air conditioning products are 36.2%, 13.7%, and 14.6%, respectively [7] - Operating cash flow has significantly improved, with net cash flow from operating activities for 2024 expected to be 224 million yuan, an increase of 2.22 million yuan year-on-year [7] - The company anticipates net profits of 120 million yuan, 146 million yuan, and 175 million yuan for 2025, 2026, and 2027, respectively [7][8]