DFD(SZ:002407) EBSCN·2025-05-06 01:35Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company reported a significant improvement in net profit for Q1 2025, with a net profit of 0.65 billion yuan, a year-on-year increase of 69.24% and a quarter-on-quarter increase of 3.98 billion yuan [1][2]. - The company is experiencing a steady capacity expansion and has a complete industrial chain from fluorine resources to lithium battery production, which is expected to drive long-term growth [3][4]. - The company has increased its profit forecasts for 2025-2027, projecting net profits of 0.281 billion yuan (up 79.5%), 0.336 billion yuan (up 34.3%), and 0.446 billion yuan respectively [4]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 8.207 billion yuan, a decrease of 31.25% year-on-year, and a net profit attributable to shareholders of -0.308 billion yuan, down by 8.18 billion yuan [1][2]. - The Q1 2025 operating income was 2.098 billion yuan, a decrease of 2.09% year-on-year but an increase of 57.68% quarter-on-quarter [1]. Revenue Breakdown - In 2024, the revenue from various segments was as follows: fluorine-based new materials (2.693 billion yuan, +20.42%), electronic information materials (0.935 billion yuan, -24.52%), new energy materials (2.593 billion yuan, -45.93%), and new energy batteries (1.611 billion yuan, -38.33%) [2]. Capacity Expansion - The company has a total existing capacity of 330,000 tons/year for anhydrous aluminum fluoride, 65,000 tons/year for lithium hexafluorophosphate, and 60,000 tons/year for electronic-grade hydrofluoric acid, with several projects under construction [3]. Research and Development - The company is increasing its R&D investment in the lithium battery sector, focusing on safety and efficiency improvements in its products, which are gaining traction in various applications [4]. Profit Forecasts - The company has adjusted its profit forecasts for 2025-2027, with expected net profits of 0.281 billion yuan, 0.336 billion yuan, and 0.446 billion yuan respectively, indicating a positive outlook for future profitability [4][5].