Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company reported better-than-expected performance in Q1 2025, with revenue of 347 million yuan, a year-on-year increase of 51.16%, and a net profit attributable to shareholders of 17.76 million yuan, up 55.88% year-on-year [3][4]. - The increase in revenue is attributed to the consolidation of Chongqing Zhiguan Technology Co., which has expanded the company's market presence in functional materials [5]. - The company has successfully entered the optical display functional materials sector through the acquisition of Chongqing Zhiguan, which is expected to significantly enhance its performance [5]. - The company has achieved mature mass production of carbon fiber products, which are increasingly being used in lightweight applications across various sectors, including consumer electronics and robotics [6]. Financial Performance Summary - For Q1 2025, the company achieved a gross margin of 22.65%, an increase of 2.41 percentage points compared to Q4 2024 [4]. - The company's fixed assets reached 625 million yuan, a year-on-year increase of 24.42%, while inventory grew by 66.96% to 214 million yuan [4]. - The company forecasts earnings per share (EPS) of 1.43 yuan, 2.39 yuan, and 3.56 yuan for 2025, 2026, and 2027, respectively [6][10]. Market Position and Growth Potential - The company is positioned as a premium service provider in the domestic consumer electronics protective and functional products market, with expectations for continued growth in the carbon fiber processing sector [6]. - The global PC market is stabilizing, with a projected shipment of approximately 256 million units in 2024, which may benefit the company's carbon fiber products [6].
光大同创（301387）：公司2025年一季报业绩点评：业绩超预期，碳纤维产品市场份额持续提升