AT&M(SZ:000969) SINOLINK SECURITIES·2025-04-28 08:04Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's Q1 2025 performance met expectations, with revenue of 1.782 billion RMB, a quarter-on-quarter increase of 3.62% but a year-on-year decrease of 5.76%. The net profit attributable to shareholders was 83 million RMB, showing a significant quarter-on-quarter increase of 155.07% and a year-on-year increase of 4.95% [2][3] - The overall product prices have increased, with average prices for praseodymium-neodymium oxide, tungsten, and molybdenum rising by 3.13%, 0.55%, and decreasing by 5.02% respectively in Q1 2025. The company achieved a gross profit of 296 million RMB and a gross margin of 16.61%, reflecting a quarter-on-quarter increase of 4.96% and 0.22 percentage points [3] - The company has made progress in cost reduction and efficiency improvement, with operating expenses decreasing by 26.49% to 197 million RMB, and the expense ratio down by 4.53 percentage points to 11.05% [3] Summary by Sections Financial Performance - For Q1 2025, the company reported revenue of 1.782 billion RMB, net profit of 83 million RMB, and a non-recurring net profit of 78 million RMB, indicating significant growth in profitability [2] - The company expects revenues of 8.2 billion RMB, 8.9 billion RMB, and 9.6 billion RMB for 2025, 2026, and 2027 respectively, with net profits projected at 325 million RMB, 369 million RMB, and 437 million RMB [5] Business Growth - The non-crystalline business showed strong growth in 2024, with new contracts amounting to 1.17 billion RMB, a year-on-year increase of 33%. Revenue reached 974 million RMB, with a net profit of 51.35 million RMB, reflecting a year-on-year growth of 31.63% and 60.79% respectively [4] - The company is the first in China to have the capability to produce fusion tungsten-copper filters, with a complete technology chain from raw materials to component delivery, receiving high recognition from international clients [4]