Huitian New Materials(SZ:300041) Guohai Securities·2025-05-02 15:05Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.989 billion yuan in 2024, a year-on-year increase of 2.23%, but the net profit attributable to shareholders decreased by 65.91% to 102 million yuan [6] - The first quarter of 2025 showed improvement with revenue of 1.071 billion yuan, a year-on-year increase of 10.49% and a quarter-on-quarter increase of 11.56%, while net profit increased by 2.73% year-on-year and 233.12% quarter-on-quarter to 82 million yuan [5][8] - The gross profit margin improved to 21.81% in Q1 2025, an increase of 2.34 percentage points year-on-year and 2.84 percentage points quarter-on-quarter, indicating a positive trend in profitability [5][9] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.989 billion yuan, with a gross profit margin of 18.46%, down 4.36 percentage points year-on-year [6] - The fourth quarter of 2024 saw a revenue of 960 million yuan, a year-on-year increase of 17.93%, but a net loss of 61 million yuan [5] - The first quarter of 2025 reported a revenue of 1.071 billion yuan, with a gross profit margin of 21.81% [5][8] Business Segments - The renewable energy segment faced challenges, with a revenue decline of 21.49% to 1.730 billion yuan due to product price fluctuations and a contraction in the photovoltaic backplane business [6] - The transportation segment capitalized on the growth in the new energy vehicle market, achieving a revenue increase of 36.73% to 990 million yuan [6] - The electronics segment focused on high-growth areas such as consumer electronics and automotive electronics, generating a revenue of 615 million yuan, up 9.54% year-on-year [6] Future Outlook - The company expects revenue growth to reach 4.608 billion yuan in 2025, with net profit projected at 186 million yuan, reflecting a significant recovery from 2024 [10] - The gross profit margin is anticipated to stabilize around 20% in the coming years, indicating a positive outlook for profitability [10]