HCSC(600378) Changjiang Securities·2025-05-12 09:42Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 13.97 billion in 2024, a year-on-year change of -3.8%, and a net profit attributable to shareholders of 1.05 billion, a year-on-year change of -10.9%. For Q1 2025, the revenue was 3.16 billion, a year-on-year change of +11.0%, with a net profit of 180 million, a year-on-year change of +10.5% [2][7] - The company plans to distribute a total cash dividend of 370 million for 2024, which accounts for 35.0% of the net profit attributable to shareholders [2][7] - The completion of the acquisition of Zhonghua Lantian in 2024 is expected to enhance future growth prospects, with the company projecting net profits of 1.34 billion, 1.84 billion, and 2.68 billion for 2025, 2026, and 2027 respectively [13] Financial Performance Summary - In 2024, the total revenue was 13.97 billion, with a gross profit of 3.04 billion, representing a gross margin of 22% [17] - For Q1 2025, the high-end fluorine materials segment saw a gross profit increase of 42.9%, while the electronic gas segment's gross profit increased by 25.6% [13] - The company has a total asset of 30.15 billion and a total liability of 12.58 billion as of 2024, resulting in a debt-to-asset ratio of 41.7% [17]