Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's profitability is under pressure in 2024, but lithium battery demand is expected to recover in 2025 [7] - The report highlights a significant decline in revenue and net profit for 2024, with a forecasted recovery in 2025 driven by a rebound in the lithium battery sector [7] - The company is expected to see a gradual improvement in orders and profitability as the lithium battery industry recovers and traditional sectors like fine chemicals maintain steady growth [7] Financial Summary - Total revenue for 2023 was 265 million, projected to decline to 211.2 million in 2024, then rebound to 290.84 million in 2025, with a growth rate of 37.71% [1][8] - The net profit attributable to shareholders is forecasted to drop from 17.17 million in 2023 to a loss of 43.57 million in 2024, before recovering to 24.83 million in 2025, reflecting a growth rate of 156.99% [1][8] - The earnings per share (EPS) is expected to shift from 0.16 in 2023 to -0.42 in 2024, then rise to 0.24 in 2025 [1][8] - The price-to-earnings (P/E) ratio is projected to be 130.32 in 2023, dropping to -51.35 in 2024, and stabilizing at 90.10 in 2025 [1][8] Business Performance - The company's revenue from material automation processing and components is expected to decline in 2024 due to reduced demand in the lithium battery industry, but a recovery is anticipated in 2025 [7] - Operating expenses are projected to increase slightly in 2024, with a cost rate of 25.1%, but are expected to decrease in Q4 2024 [7] - The company is expected to achieve a gross margin of 15.30% in 2024, improving to 28.91% in 2025 [8]
灵鸽科技（833284）：2024年报、2025一季报点评：24年盈利承压，25年锂电需求有望回升