苏博特（603916）：24年功能性材料量价齐升，25Q1扭转三年来下滑趋势

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][22]. Core Insights - The company experienced a revenue of 3.555 billion yuan and a net profit attributable to shareholders of 96 million yuan in 2024, reflecting a year-on-year decline of 0.75% and 40.24% respectively. However, in Q1 2025, the company reported a revenue of 682 million yuan and a net profit of 24 million yuan, showing a year-on-year increase of 17.81% and 15.36% respectively [1][4]. - The company is positioned as a leader in the admixture sector, with a strong competitive advantage in large infrastructure projects. The growth in functional materials and overseas markets, particularly in the "Belt and Road" initiative, is expected to drive future revenue growth [2][4]. Financial Performance Summary - In 2024, the overall gross margin was 32.79%, a decrease of 2.33 percentage points year-on-year. The net profit margin for the year was 4.89%, down 1.63 percentage points from the previous year [3]. - The company’s operating cash flow for 2024 was 581 million yuan, an increase of 211 million yuan year-on-year, indicating strong cash flow management [3]. Revenue and Profit Forecast - The company’s projected revenue for 2025 is 3.773 billion yuan, with an expected growth rate of 6.13%. The net profit attributable to shareholders is forecasted to be 151 million yuan, representing a significant recovery with a growth rate of 57.46% [5][17].