再升科技：材料优势持续赋能无尘空调业务，产业链全面布局-20250505

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 1.476 billion yuan in 2024, a year-on-year decline of 10.87%, but a 12.9% increase when excluding the impact of Yuyuan Environment [1] - The net profit attributable to shareholders for 2024 was 90.75 million yuan, a significant increase of 137.99%, driven by a substantial reduction in asset impairment and credit impairment losses [1] - The company has a comprehensive layout in the clean air materials and dust-free air conditioning business, leveraging material advantages to enhance its downstream integration [3] Financial Performance Summary - In 2024, the clean air materials segment generated 537 million yuan in revenue, a decline of 2.17%, while the dust-free air conditioning products segment saw a 70.2% drop, but a 39.67% increase when excluding Yuyuan Environment [2] - The high-efficiency energy-saving segment reported a revenue of 776 million yuan, a year-on-year growth of 19.11%, attributed to business expansion in green buildings and home appliances [2] - The overall gross margin for 2024 was 21.96%, with a slight increase of 0.04 percentage points, while the gross margin for the clean air materials segment increased by 3.71 percentage points [2] - The operating cash flow for 2024 was 224 million yuan, a significant increase from 1.66 million yuan in the previous year, indicating improved cash collection [3] Profit Forecast and Investment Suggestions - The company is expected to achieve net profits of 100 million yuan, 120 million yuan, and 140 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 37X, 30X, and 25X [3]