华达新材（605158）：24Q4业绩改善，南通工厂投产在即

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company is expected to see significant improvements in performance with the upcoming production launch of the Nantong factory, which is projected to enhance production capacity and sales volume, thereby boosting earnings [7][19]. - The company experienced a decline in revenue and profit margins in 2024 due to weak downstream demand, but a recovery is anticipated in the following years [7][19]. - The financial outlook shows a projected increase in net profit from 2.29 billion yuan in 2024 to 9.89 billion yuan by 2027, indicating strong growth potential [7][19]. Financial Data and Valuation - Total revenue is projected to decline from 75.79 billion yuan in 2023 to 69.27 billion yuan in 2024, before rebounding to 110.56 billion yuan in 2025 [2][19]. - Operating profit is expected to decrease to 2.65 billion yuan in 2024, but is forecasted to rise significantly to 9.78 billion yuan by 2026 [2][19]. - The company's net profit is projected to recover from 2.29 billion yuan in 2024 to 9.89 billion yuan in 2027, with a corresponding increase in earnings per share from 0.45 yuan to 1.93 yuan [2][19]. - The price-to-earnings (PE) ratio is expected to improve from 17.5 in 2024 to 4.1 by 2027, indicating a more attractive valuation over time [2][19]. Production and Operational Insights - The company plans to produce 1.6491 million tons of hot-dip galvanized sheets in 2024, a slight decrease of 0.56% year-on-year, while the production of color-coated sheets is expected to drop by 13.78% to 557,100 tons [7]. - The Nantong project, with a total investment of 2.126 billion yuan, is set to add 2.1 million tons of new capacity and is expected to commence operations in the first half of 2025 [7]. - The company has maintained a stable expense ratio, with a slight increase in the overall expense ratio to 3.51% in 2024 [7].