Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 40.30 CNY [2][7]. Core Views - The company has turned profitable in Q1 2025, indicating an imminent performance reversal. The Q1 revenue reached 243 million CNY, a year-on-year increase of 80.92%, and the net profit attributable to the parent company was 7 million CNY, a year-on-year increase of 161.40% [7]. - The company's 2024 performance was under pressure due to declining product prices and inventory reduction, with a total revenue of 810 million CNY, down 14.62% year-on-year, and a net loss of 33 million CNY, a decline of 180.01% year-on-year [7]. - The company is focusing on collaborative development between its northern and southern bases and expanding into overseas markets to enhance its market share in the anode coating materials sector [7]. Financial Summary - 2024 Financials: Total revenue of 810 million CNY, net profit of -33 million CNY, and earnings per share (EPS) of -0.32 CNY [2][8]. - 2025 Projections: Expected total revenue of 1,323 million CNY, net profit of 63 million CNY, and EPS of 0.62 CNY [2][8]. - Growth Rates: Revenue growth is projected at 63.3% for 2025, with net profit growth expected to be 292.1% [2][8]. - Valuation Metrics: The price-to-earnings (P/E) ratio is projected to be 56 in 2025, decreasing to 24 by 2027 [2][8].
信德新材：2024年报及2025年一季报点评一季度扭亏为盈，业绩反转在即-20250508