Senior(SZ:300568) Dongguan Securities·2025-05-08 09:31Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [6][9]. Core Views - The company is a leading player in the global lithium battery separator market. Despite facing short-term performance pressure due to declining product prices, the report suggests that the prices have reached a low point with limited further downside. The company's products remain competitive, and its market share is increasing. The strategic focus on solid-state battery technology is expected to accelerate its participation in the development of new battery technologies [4][6]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 35.41 billion yuan, a year-on-year increase of 17.52%, while net profit attributable to shareholders was 3.64 billion yuan, a decline of 36.87%. The gross margin was 29.09%, down 15.33 percentage points year-on-year, and the net margin was 10.47%, down 9.23 percentage points [7]. - For Q1 2025, revenue was 8.89 billion yuan, up 24.44% year-on-year, but net profit attributable to shareholders fell by 56.39% to 0.47 billion yuan. The gross margin was 25.53%, down 10.46 percentage points year-on-year [7]. Market Strategy - The company is actively expanding its customer base and increasing production capacity, which is expected to enhance its market share. In 2024, it signed strategic cooperation agreements with major companies such as Samsung SDI and Volkswagen Powerco, and is advancing projects in various locations including Nantong, Foshan, Europe, and Malaysia [7]. - The company is also strategically positioning itself in the solid-state battery sector, collaborating with several firms on solid electrolyte membrane products. It has established partnerships for the development of semi-solid and all-solid-state batteries [7]. Earnings Forecast - The earnings forecast for the company indicates total revenue of 44.21 billion yuan in 2025, with a projected net profit of 4.44 billion yuan. The basic earnings per share (EPS) are expected to be 0.33 yuan for 2025, with a price-to-earnings (PE) ratio of 30 times [8].