EMT(601208) 长江证券·2025-04-27 08:17Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 4.47 billion yuan for 2024, representing a year-on-year increase of 19.6%. However, the net profit attributable to shareholders was 180 million yuan, down 44.5% year-on-year, and the net profit after deducting non-recurring gains and losses was 120 million yuan, down 42.1% year-on-year. In Q1 2025, the company achieved a revenue of 1.13 billion yuan, up 23.2% year-on-year but down 7.4% quarter-on-quarter, with a net profit of 90 million yuan, up 81.2% year-on-year and turning from loss to profit [6][11]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.47 billion yuan, with a gross profit of 622 million yuan, resulting in a gross margin of 13.9%, down 5.1 percentage points year-on-year. The net profit margin was 3.4%, down 4.8 percentage points year-on-year. The company plans to distribute a cash dividend of 1 yuan per 10 shares, which accounts for 87.8% of the annual net profit [6][11][16]. Business Segments - The company focuses on new insulation materials, developing optical film materials, electronic materials, and environmentally friendly flame retardant materials. The products are widely used in various sectors, including power generation, smart grids, new energy vehicles, and consumer electronics. In 2024, the sales volume of several key segments increased significantly, with electrical insulation materials up 59.4%, new energy materials up 11.1%, and optical film materials up 10.9% [11][16]. Future Outlook - The company is expected to benefit from the high-quality development of emerging sectors such as ultra-high voltage power grids and new energy vehicles. The forecasted net profits for 2025, 2026, and 2027 are 460 million yuan, 560 million yuan, and 730 million yuan, respectively, indicating a positive growth trajectory [11][16].