EMT(601208) 开源证券·2025-04-25 13:45Investment Rating - The investment rating for the company is "Buy" (maintained) [2][18] Core Views - The company's performance in 2024 is under pressure, but there is an expected improvement in Q1 2025, driven by the release of new production capacity and product structure optimization [5][6] - The company achieved a revenue of 4.47 billion yuan in 2024, a year-on-year increase of 19.6%, but the net profit attributable to shareholders decreased by 44.54% to 181 million yuan [5][7] - For Q1 2025, the company reported a revenue of 1.13 billion yuan, a year-on-year increase of 23.23%, and a net profit of 92 million yuan, reflecting significant improvements compared to the previous year [5][6] Financial Summary - Revenue and profit forecasts for 2025-2027 have been adjusted, with expected net profits of 406 million yuan, 513 million yuan, and 616 million yuan respectively [5][7] - The company's gross margin and net margin for 2024 were 13.92% and 3.44%, respectively, showing a decline compared to the previous year [6][7] - The company is expected to see a recovery in profitability with the release of high-value-added products such as optical films and high-frequency resins [5][6] Product Performance - In Q1 2025, the sales revenue for optical films, polypropylene films, and high-speed electronic resins increased significantly, with year-on-year growth rates of 43%, 37%, and 129% respectively [6][7] - The company plans to invest in a new project for high-speed communication substrate materials, which is expected to enhance its product offerings [4][5]