Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has seen significant growth in equipment revenue, with a projected revenue increase of 40.74% year-on-year for 2024, reaching 555.17 million yuan [2] - The net profit attributable to the parent company for 2024 is expected to grow by 1.78% year-on-year, amounting to 115.95 million yuan [2] - The decline in catalyst revenue is attributed to delivery delays, impacting overall performance [2] Revenue and Profitability Summary - Total revenue for 2024 is projected at 555.17 million yuan, with a year-on-year growth of 40.74% [2] - The net profit for 2024 is estimated at 115.95 million yuan, reflecting a modest growth of 1.78% [2] - The gross profit margin is expected to decrease by 15.44 percentage points to 39.05% in 2024 [2] Revenue Breakdown - Equipment revenue has increased by 171.19% year-on-year to 414 million yuan, accounting for 74.50% of total revenue [2] - Catalyst revenue has decreased by 45.4% year-on-year to 48 million yuan, now representing 8.57% of total revenue [2] - Revenue from process packages and other technical services has dropped by 53.66% to 72 million yuan, making up 12.91% of total revenue [2] Market Position and Future Outlook - The company is recognized as a "small giant" in petrochemical process packages, with leading technology in the domestic market [3] - The establishment of a 12,000-ton catalyst production base is expected to enhance production capacity and meet significant order demand [3] - The company is expanding into biodegradable plastics, which are anticipated to grow rapidly due to regulatory changes in traditional plastics [3] Financial Forecasts - The forecast for net profit attributable to the parent company has been adjusted to 146 million yuan for 2025 and 185 million yuan for 2026 [3] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 17.49, 13.80, and 10.80 respectively [3]
瑞华技术：2024年报&2025年一季报点评：设备收入占比增加，催化剂收入受交付期影响有所下滑-20250502