AKL(SH:603722) Changjiang Securities·2025-05-07 13:43Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a revenue of 466 million yuan in 2024, a year-on-year decrease of 13.14%, with a net profit attributable to shareholders of -20 million yuan, indicating a loss compared to the previous year [2][4]. - The company is focusing on the production of cyclic olefin copolymer (COC), which is anticipated to fill a market gap in high-transparency materials in China, as the domestic production of COC is currently non-existent and relies entirely on imports [10]. - The COC project is set to begin trial production in the third quarter of 2024, with plans for mass production and sales in 2025, which is expected to significantly enhance the company's growth potential [10]. Financial Performance Summary - In 2024, the company is projected to have total revenue of 466 million yuan, with a gross profit of 34 million yuan, resulting in a gross margin of 7% [18]. - The net profit for 2025 is forecasted to be 35 million yuan, with a significant increase to 264 million yuan in 2026 and 461 million yuan in 2027, reflecting a strong growth trajectory [18]. - The earnings per share (EPS) is expected to improve from -0.22 yuan in 2024 to 4.81 yuan by 2027, indicating a recovery and growth in profitability [18].