Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is experiencing a decline in performance due to slowing market demand and intensified competition, but is actively expanding into overseas markets [7] - The company reported a revenue of 1.594 billion yuan for 2024, a year-on-year increase of 4.64%, while the net profit attributable to shareholders decreased by 8.97% to 70.51 million yuan [7] - The company is positioned as a "little giant" specializing in environmentally friendly cable materials, with significant potential for production capacity expansion from fundraising projects [7] Financial Summary - Total revenue projections for the company are as follows: 1.594 billion yuan in 2024, 1.725 billion yuan in 2025, 1.909 billion yuan in 2026, and 2.139 billion yuan in 2027, reflecting a growth rate of 4.64%, 8.23%, 10.64%, and 12.05% respectively [1][8] - The net profit attributable to shareholders is projected to be 70.51 million yuan in 2024, 73.71 million yuan in 2025, 83.63 million yuan in 2026, and 96.75 million yuan in 2027, with growth rates of -8.97%, 4.53%, 13.46%, and 15.69% respectively [1][8] - The latest diluted EPS is expected to be 1.39 yuan in 2024, 1.45 yuan in 2025, 1.64 yuan in 2026, and 1.90 yuan in 2027 [1][8] Market and Product Insights - The company has seen a 4.21% year-on-year increase in overseas revenue, amounting to 1.77 billion yuan, indicating successful market expansion efforts [7] - Chemical cross-linking products are a major growth driver, with revenue of 585 million yuan in 2024, a year-on-year increase of 13.19% [7] - The company has established partnerships with 70 overseas clients across 24 countries, enhancing its competitive position in the market [7]
太湖远大（920118）：2024年报、2025一季报点评：市场需求放缓与竞争加剧致业绩下滑，积极开拓境外市场