EMT(601208) 华泰证券·2025-04-25 11:20Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.92 RMB [4][7][8] Core Views - The company reported a revenue of 4.47 billion RMB in 2024, a year-on-year increase of 20%, but the net profit attributable to shareholders decreased by 45% to 180 million RMB [1][4] - The company is experiencing pressure on net profit in 2024, primarily due to product price declines and increased management expenses, but it is successfully expanding its product offerings [1][2] - In Q1 2025, the company achieved a net profit of 90 million RMB, an increase of 81% year-on-year, driven by successful market expansion in high-voltage electrical polypropylene films and high-speed electronic resins [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.47 billion RMB, with a net profit of 180 million RMB, down 45% year-on-year [1] - The Q4 2024 net profit was -60 million RMB, significantly lower than expected due to price pressures and reduced other income [1] - For Q1 2025, the company reported a net profit of 90 million RMB, up 81% year-on-year, with a significant increase in sales volume and average price in electronic materials [3] Product Segments - Electronic materials sales volume increased by 51% year-on-year to 59,000 tons, with revenue up 30% to 1.07 billion RMB despite a 14% decline in average price [2] - Optical film segment saw an 11% increase in sales volume to 98,000 tons, with revenue rising 17% to 1.13 billion RMB [2] - New energy materials segment added 1,500 tons/year of production capacity, with sales volume up 11% to 65,000 tons, but faced price competition leading to a 5% decline in average price [2] Profitability and Valuation - The report projects a decrease in net profit for 2025 and 2026 to 470 million RMB and 570 million RMB, respectively, due to ongoing price pressures [4] - The estimated EPS for 2025 is 0.52 RMB, with a projected PE ratio of 21 times for 2025, leading to a target price of 10.92 RMB [4][8]