Valiant(SZ:002643) Huaan Securities·2025-04-29 01:10Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant decline in revenue and profit for 2024, with total revenue of 3.693 billion yuan, down 14.22% year-on-year, and a net profit attributable to shareholders of 246 million yuan, down 67.72% year-on-year [3][4] - The company is facing pressure on its earnings due to a decrease in demand for its main products, particularly zeolite series environmental materials, which saw a notable drop in orders [4] - The company is actively increasing its R&D investment, which rose by 16.01% to 423 million yuan in 2024, aiming for long-term growth despite short-term cost pressures [5] - Strategic partnerships, particularly with Sinopec, are expected to enhance market opportunities and technological advancements in the zeolite molecular sieve sector [6][7] - Recent tariff adjustments are anticipated to accelerate the domestic substitution process for the company's display materials, potentially expanding market space [8] - The company forecasts a recovery in net profit for 2025-2027, with expected net profits of 375 million, 499 million, and 515 million yuan respectively, indicating a positive growth trajectory [9] Financial Summary - In 2024, the company achieved a revenue of 3.693 billion yuan, with a year-on-year decline of 14.2% [10] - The projected net profits for 2025, 2026, and 2027 are 375 million, 499 million, and 515 million yuan, with corresponding year-on-year growth rates of 52.2%, 33.3%, and 3.1% [10] - The company's gross margin is expected to improve gradually, reaching 41.9% by 2027 [10]