Cybrid(SH:603212) Dongxing Securities·2025-05-06 11:12Investment Rating - The report has downgraded the investment rating to "Recommended" due to ongoing pressure on profitability in the photovoltaic industry [3][5]. Core Views - The company experienced a significant decline in revenue and net profit in 2024, with a revenue drop of 27.89% year-on-year to 3.004 billion and a net loss of 284.93 million [1][4]. - The decline in profitability is attributed to reduced prices for back sheets and films, which fell by 24.92% and 32.86% respectively, alongside a 35.37% decrease in back sheet shipment volume [1][2]. - The company is focusing on optimizing its product structure to enhance competitiveness in the photovoltaic sector, leveraging advancements in battery technologies and new manufacturing processes [2]. Financial Performance Summary - In 2024, the company reported a total revenue of 3.004 billion, a decrease of 27.89% from the previous year, and a net profit of -284.93 million, marking a 375% decline [4]. - For Q1 2025, the revenue was 643 million, down 27.35% year-on-year, with a net loss of 33 million, a 216.13% decline [1]. - The forecast for net profit from 2025 to 2027 is projected to be -69.86 million, 87.61 million, and 126.88 million respectively, with corresponding EPS of -0.16, 0.20, and 0.29 [3][4]. Emerging Business Segments - The emerging business segments accounted for 21.57% of total revenue in 2024, an increase of 8.53 percentage points year-on-year, with notable growth in photovoltaic operation materials, lithium batteries, and semiconductor materials [2]. - The company plans to increase investment in research and development for new energy vehicles, consumer electronics, and semiconductor materials to further enhance its product matrix and customer coverage [2].