Valiant(SZ:002643) KAIYUAN SECURITIES·2025-04-26 12:43Investment Rating - The investment rating for Wanrun Co., Ltd. is "Buy" (maintained) [1][4] Core Views - The company is facing performance pressure due to increased R&D expenses and a decline in market demand for zeolite materials, but there is optimism for growth driven by innovation and R&D efforts [4][5] - The company aims to evolve into a new materials platform enterprise through continuous R&D innovation [4][5] Financial Performance Summary - In 2024, the company achieved revenue of 3.693 billion yuan, a year-on-year decrease of 14.22%, and a net profit attributable to shareholders of 246 million yuan, down 67.72% year-on-year [4][6] - For Q1 2025, the company reported revenue of 861 million yuan, a year-on-year decrease of 8.17%, and a net profit of 80 million yuan, down 18.76% year-on-year [4][6] - The company plans to distribute a cash dividend of 0.1 yuan per share (before tax) [4] Business Segment Performance - The functional materials and life sciences segments generated revenues of 3.019 billion yuan and 629 million yuan, respectively, with year-on-year declines of 10.30% and 28.65% [5] - The OLED materials business showed positive development, with progress in polyimide and semiconductor manufacturing materials [5] Financial Projections - The projected net profit for 2025-2027 is 360 million yuan, 421 million yuan, and 496 million yuan, respectively, with corresponding EPS of 0.39, 0.45, and 0.53 yuan per share [4][6] - The current stock price corresponds to P/E ratios of 27.4, 23.5, and 19.9 for 2025, 2026, and 2027, respectively [4][6]