First(SH:603806) Soochow Securities·2025-04-28 04:21Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a recovery in profit margins for the company's film products, with a significant increase in sales and profitability expected in the upcoming quarters [8] - The company is experiencing a surge in demand for its high-end products, particularly in the photoconductive dry film segment, which is on the verge of explosive growth [8] - The report maintains previous profit forecasts, projecting net profits of 1.63 billion, 2.23 billion, and 2.95 billion RMB for 2025, 2026, and 2027 respectively, representing growth rates of 25%, 37%, and 32% [8] Financial Summary - Total revenue for 2023 is projected at 22.59 billion RMB, with a year-on-year growth of 19.66% [1] - The net profit attributable to shareholders for 2023 is expected to be 1.85 billion RMB, reflecting a year-on-year increase of 17.20% [1] - The earnings per share (EPS) for 2023 is estimated at 0.71 RMB, with a price-to-earnings (P/E) ratio of 17.67 [1] - The company anticipates a total revenue of 21.56 billion RMB in 2025, with a year-on-year growth of 12.58% [1] - The gross profit margin is expected to improve from 14.74% in 2024 to 17.21% in 2027 [9]