广信材料（300537）：2024年报及2025一季报点评：资产减值影响24Q4业绩，龙南基地项目陆续投产

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 518 million yuan in 2024, a year-on-year increase of 1.63%, but a net profit attributable to shareholders of -32.07 million yuan, a decrease of 565% year-on-year [5] - The company is experiencing pressure on its performance due to asset impairment, particularly in Q4 2024, where the net profit loss expanded by 140.33% year-on-year [5][6] - The company is ramping up production at its Longnan base project, with several projects expected to enter trial production in 2025 [7] - The company is focusing on high-performance anti-corrosion coatings for marine applications, with expectations for large-scale applications in 2025 [8] - The company has adjusted its profit forecasts for 2025-2026 due to the impact of asset impairment, with net profits expected to be 55 million yuan in 2025 and 76 million yuan in 2026 [9] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 518 million yuan, with a net profit of -32 million yuan, reflecting significant losses [5] - Q4 2024 saw a revenue of 132 million yuan, a 14.42% increase year-on-year, but a net profit loss of -68 million yuan [5] - For Q1 2025, the company reported a revenue of 107 million yuan, a decrease of 8.58% year-on-year, but a net profit of 9.76 million yuan, indicating a return to profitability [5] Business Segments - The company's photoresist and related materials segment generated 332 million yuan in revenue in 2024, a decrease of 1.9% year-on-year, while the coatings segment saw an 8.1% increase in revenue to 185 million yuan [6] - The company is expanding its production capacity in the Longnan project, with several key products expected to begin trial production in 2025 [7] Profitability and Valuation - The report projects a recovery in profitability as the company ramps up production in key areas, maintaining an "Accumulate" rating despite recent performance challenges [9] - The company's net profit forecasts for 2025 and 2026 have been adjusted to 55 million yuan and 76 million yuan, respectively, reflecting a cautious outlook [9]