彤程新材（603650）：电子材料业务实现高增，看好光刻胶进一步放量

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company achieved a historical high in revenue of 3.27 billion yuan in 2024, representing a year-on-year growth of 11.10%, and a net profit of 517 million yuan, up 27.10% year-on-year [2] - The semiconductor photoresist business saw significant growth, with revenue reaching 303 million yuan, a year-on-year increase of 50.43% [3] - The company is focusing on enhancing product competitiveness through self-developed resins for photoresists, which are now commercially viable [4] - The company anticipates continued growth in the photoresist market driven by AI trends and domestic substitution [9] Summary by Sections Financial Performance - In 2024, the company reported revenue of 3.27 billion yuan, a growth of 11.10% year-on-year, and a net profit of 517 million yuan, reflecting a 27.10% increase [2] - For Q1 2025, revenue was 856 million yuan, up 9.41% year-on-year, with a net profit of 160 million yuan, a growth of 10.92% [2] Business Segments - The electronic materials segment generated revenue of 745 million yuan in 2024, a growth of 34.43%, accounting for over 20% of total revenue [3] - The semiconductor photoresist business achieved revenue of 303 million yuan, with I-line and KrF photoresists growing by 61% and 69% respectively [3] - The display materials segment, through its subsidiary, generated 330 million yuan, with a market share of approximately 27.1% [3] - The CMP polishing pad business is set to enter trial production by the end of 2024, which is expected to provide new growth opportunities [3] Product Development - The company is focusing on photoresist resin development, with several products already in mass production [4] - The automotive industry is driving demand for traditional rubber additives, with revenue from specialty rubber additives reaching 2.442 billion yuan, a growth of 7.10% [4] Profitability - The company's gross margin improved to 24.84% in 2024, an increase of 1.16 percentage points from 2023, with the electronic materials segment achieving a gross margin of 29.8% [4] - Future profitability is expected to improve further as the proportion of high-end electronic materials increases [4] Future Projections - Revenue projections for 2025-2027 are 3.615 billion yuan, 4.271 billion yuan, and 5.234 billion yuan, with year-on-year growth rates of 10.56%, 18.14%, and 22.53% respectively [9] - Net profit projections for the same period are 571 million yuan, 698 million yuan, and 902 million yuan, with growth rates of 10.43%, 22.28%, and 29.26% respectively [9]