EMT(SH:601208) Shenwan Hongyuan Securities·2025-05-05 04:41Investment Rating - The report maintains an "Outperform" rating for the company [2][6] Core Views - The company reported a revenue of 4.47 billion yuan for 2024, a year-on-year increase of 20%, but a net profit of 181 million yuan, down 45% year-on-year [6] - The first quarter of 2025 shows a revenue of 1.13 billion yuan, up 23% year-on-year, and a net profit of 92 million yuan, up 81% year-on-year, indicating a performance turnaround [6] - The company is focusing on expanding its high-frequency and high-speed resin production to capture industry opportunities, with a projected investment of 700 million yuan for new production lines [6] Financial Data Summary - For 2024, the total revenue is projected at 4.47 billion yuan, with a net profit of 181 million yuan, and an expected growth in revenue to 5.07 billion yuan in 2025 [8] - The gross profit margin for 2024 is 13.9%, with a forecasted increase to 19.1% by 2025 [6][8] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling approximately 89 million yuan, which represents 87.77% of the annual net profit [6] Segment Performance - The electronic materials segment achieved a revenue of 1.12 billion yuan in Q1 2025, a 129% increase year-on-year, driven by demand for high-speed electronic resins [6] - The optical film materials segment reported a revenue of 3.00 billion yuan in Q1 2025, a 43% increase year-on-year, with expectations for gradual improvement in product pricing and gross margins [6] - The new energy materials segment saw a revenue of 3.09 billion yuan in Q1 2025, but faced challenges due to declining demand for photovoltaic backsheet films [6]