聚和材料（688503）：2024年报及2025年一季报点评：银浆出货环比改善，技术创新铸就竞争优势

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 42.37 CNY [2][10]. Core Views - The company reported a revenue of 12.488 billion CNY for 2024, representing a year-on-year increase of 21.35%, while the net profit attributable to shareholders was 418 million CNY, a decrease of 5.45% year-on-year [2]. - In Q4 2024, the company experienced a revenue decline of 7.95% year-on-year and a significant 13.07% quarter-on-quarter drop, resulting in a net loss of 0.03 million CNY [2]. - The first quarter of 2025 showed signs of recovery with a revenue of 2.994 billion CNY, a year-on-year increase of 1.38% and a quarter-on-quarter increase of 12.50%, alongside a net profit of 90 million CNY, up 18.24% year-on-year [2]. - The company has improved its silver paste shipment volume, with a significant increase in the proportion of N-type silver paste, reaching 95% in Q1 2025 [10]. Financial Summary - The company’s total revenue is projected to grow from 12.488 billion CNY in 2024 to 16.599 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 7.2% [5]. - The net profit attributable to shareholders is expected to increase from 418 million CNY in 2024 to 743 million CNY in 2027, reflecting a CAGR of 18.7% [5]. - The earnings per share (EPS) is forecasted to rise from 1.73 CNY in 2024 to 3.07 CNY in 2027, indicating a positive growth trajectory [5]. Market Position and Strategy - The company is positioned as a leader in the silver paste market, with a strong market share and a robust product portfolio that includes innovative copper paste products [10]. - The company is expanding its product matrix and upstream supply chain by investing in metal powder and inorganic powder production capacities, as well as developing adhesive products for photovoltaic applications [10]. - The report highlights the potential for the company to enhance its performance through technological advancements and new product introductions, particularly in the copper paste segment [10].