新雷能：需求拐点初现端倪，业绩重回增长可期-20250429

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company has shown signs of demand recovery, with a potential return to growth in performance [5] - The company experienced a significant decline in revenue in 2024, but the first quarter of 2025 shows a positive growth trend [5] - Ongoing capacity expansion projects are expected to support future growth as downstream demand gradually recovers [5] Financial Performance Summary - In 2024, the company's revenue was 922 million yuan, a year-on-year decrease of 37.16%, with a net loss of 501 million yuan, a decrease of 617.17% [4][5] - For Q1 2025, revenue was 233 million yuan, a year-on-year increase of 16.75%, with a net loss of 44 million yuan, a decrease of 13.42% [4][5] - The company’s total liabilities increased to 1.845 billion yuan in Q1 2025, a year-on-year increase of 34.38% [4][5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.19 yuan, 0.48 yuan, and 0.75 yuan respectively, with corresponding PE ratios of 73.4, 29.2, and 18.6 [6]