NNCI(SH:600301) SINOLINK SECURITIES·2025-04-30 06:23Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 4.631 billion yuan in 2024, representing a year-on-year increase of 58.40%, and a net profit attributable to shareholders of 658 million yuan, up 109.79% year-on-year [2] - The fourth quarter of 2024 saw a revenue of 1.215 billion yuan, a quarter-on-quarter increase of 4.65% and a year-on-year increase of 26.96%, with a net profit of 117 million yuan, down 38.76% quarter-on-quarter but up 43.34% year-on-year [2][3] - In the first quarter of 2025, revenue was 1.245 billion yuan, a quarter-on-quarter increase of 2.40% and a year-on-year increase of 29.17%, with a net profit of 153 million yuan, up 30.75% quarter-on-quarter and 22.46% year-on-year [2][4] Summary by Sections Financial Performance - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 4.631 billion yuan and net profit at 658 million yuan [2] - The revenue growth rate for 2024 was 58.40%, while the net profit growth rate was 109.79% [10] - The fourth quarter of 2024 experienced a decline in gross profit and gross margin due to price drops in main products [3] Product Pricing and Sales - In the fourth quarter of 2024, the prices of main products such as antimony, tin, lead, and zinc changed by -9.50%, -5.34%, -6.95%, and +8.36% respectively [3] - The first quarter of 2025 saw an increase in prices for antimony and tin, while lead and zinc prices decreased [4] Future Outlook - The company is expected to see revenue growth in the coming years, with projected revenues of 5.974 billion yuan, 6.772 billion yuan, and 7.320 billion yuan for 2025, 2026, and 2027 respectively [5] - The net profit forecast for 2025 is 1.225 billion yuan, with an EPS of 1.94 yuan, and the PE ratio is expected to be 10 times [5]