EMT(601208) 开源证券·2025-04-25 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] 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][6] - 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 - The company’s revenue and profit forecasts for 2025-2027 are adjusted, with expected net profits of 406 million yuan, 513 million yuan, and 616 million yuan respectively [5][7] - The earnings per share (EPS) for 2025-2027 are projected to be 0.45 yuan, 0.57 yuan, and 0.69 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.8, 15.7, and 13.1 [5][7] - The gross margin and net margin for 2024 were 13.92% and 3.44%, respectively, showing a decline compared to the previous year, while Q1 2025 saw improvements to 16.39% and 7.75% [6][7] Product Performance - The company is focusing on high-value-added products, with significant revenue growth in optical films, polypropylene films, and high-speed electronic resins in Q1 2025 [6][5] - The management restructuring at Shandong Aiment has shown initial positive results, with a reduction in losses by nearly 8 million yuan in Q1 [6][5] Market Context - The overall market for epoxy resin and photovoltaic backsheet films is facing intensified competition, impacting the company's performance and profitability [5][6] - The company plans to invest in a new project for 20,000 tons of high-speed communication substrate electronic materials, indicating a strategic move towards expanding its product offerings [4][5]