Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company experienced a decline in revenue and profit due to industry demand slowdown, with a focus on expanding into new fields such as nuclear power to find new growth points [7] - The company is increasing its R&D efforts to broaden its application in downstream sectors, including nuclear energy, new energy, and semiconductors, which are expected to contribute to future growth [7] Financial Summary - Total revenue for 2023 was 740.18 million, projected to decline to 523.44 million in 2024, with a year-on-year change of -29.28% [1] - Net profit attributable to shareholders for 2023 was 88.85 million, expected to decrease to 60.71 million in 2024, reflecting a year-on-year decline of -31.66% [1] - The latest diluted EPS for 2023 was 0.82, projected to drop to 0.56 in 2024 [1] - The company’s revenue from titanium metal composite materials in 2024 is expected to be 370 million, down 18.4% year-on-year, with a gross margin of 23.6% [7] - The company’s total assets are projected to grow from 655 million in 2024 to 891 million by 2027 [8] - The company’s net profit is forecasted to be 58.43 million in 2025, with a growth of 11% expected in 2026 and 15% in 2027 [7]
天力复合（873576）：2024年报、2025一季报点评：需求放缓盈利有所承压，拓展核电等新领域贡献新增长点