Valiant(SZ:002643) Shenwan Hongyuan Securities·2025-05-05 14:11Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - Short-term performance remains under pressure, but growth in the new materials business is expected [1][8] - The company reported a net loss of 21.09 million yuan in Q1 2025, compared to a loss of 7.68 million yuan in the same period last year [5] - Revenue from the molecular sieve segment has declined due to weak demand in the automotive sector, while OLED materials continue to show strong growth [5][8] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 36.93 billion yuan, a year-on-year decrease of 14% [7] - The company expects a net profit of 0.38 billion yuan in 2025, with a growth rate of 53.7% compared to the previous year [7] - The gross profit margin is forecasted to be 40.7% in 2025, with a gradual increase in subsequent years [7][10] - The company plans to distribute a cash dividend of 0.1 yuan per share, amounting to 37.76% of the annual net profit [8] Business Segment Performance - Functional materials revenue decreased by 10% year-on-year, while the life sciences and pharmaceutical segment saw a 29% decline [8] - The OLED materials segment is expected to maintain growth, with new applications in TFT and other areas being developed [8] - The company is actively expanding into new applications for molecular sieves and other high-value materials, which are anticipated to drive future growth [8]