鼎际得（603255）：POE项目投产在即，公司未来成长空间广阔

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve a revenue of 781 million yuan in 2024, representing a year-on-year increase of 3.20%, while the net profit attributable to the parent company is projected to be -12 million yuan, a significant decline of 119.77% year-on-year [4][9]. - The fourth quarter of 2024 is anticipated to see a revenue of 214 million yuan, a year-on-year increase of 25.72% and a quarter-on-quarter growth of 7.63%. However, the net profit attributable to the parent company is expected to be -23 million yuan, reflecting a year-on-year decline of 381.31% and a quarter-on-quarter decline of 520.78% [4][9]. - The company is launching a new POE high-end materials project, which is expected to open a second growth curve. The project is planned to be implemented in two phases over five years, with a total investment of 5.6 billion yuan [9][10]. - The demand for POE is projected to grow rapidly, driven by increasing needs in photovoltaic applications and automotive sectors, while the supply gap is expected to widen, benefiting the company's early layout in this area [9][10]. Financial Summary - In 2024, the total revenue is projected to be 781 million yuan, with a gross profit of 109 million yuan, resulting in a gross margin of 14% [13]. - The company anticipates a net profit of -12 million yuan in 2024, with expectations of recovery in subsequent years, projecting net profits of 47 million yuan, 438 million yuan, and 518 million yuan for 2025, 2026, and 2027 respectively [9][13]. - The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 69.6 times, 7.4 times, and 6.3 times, respectively [9].