回天新材（300041）：光伏拖累业绩，电子汽车销量高增

Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Views - The company's performance in 2024 was impacted by a decline in profitability from the photovoltaic segment, despite strong sales growth in other product lines such as electronic adhesives and automotive adhesives [1][3] - The photovoltaic segment's gross margin significantly decreased due to intensified competition and falling raw material prices, but there are signs of recovery in early 2025 as raw material prices stabilize [3][2] - The company is expected to see a rebound in profitability with projected net profits of 2.5 billion, 3.1 billion, and 3.5 billion for 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 39.9 billion, a year-on-year increase of 2.23%, but net profit dropped by 65.91% to 1.0 billion [1] - The first quarter of 2025 showed revenue growth of 10.49% year-on-year, reaching 10.7 billion, with a net profit margin of 7.82% [2] Product Segments - The renewable energy segment saw a revenue decline of 21.49%, while the electronic segment grew by 36.73% and the automotive segment by over 50% [1] - The gross margins for the renewable energy, transportation, and electronic segments were 11.26%, 21.79%, and 32.79% respectively, all showing a decline compared to the previous year [1] Future Outlook - The photovoltaic segment is expected to reach a bottom and recover, while electronic automotive products are anticipated to drive growth [3] - The company’s gross margin is projected to improve to 21.81% in 2025, indicating a recovery in profitability [2]