Valiant(002643) ZHESHANG SECURITIES·2025-05-12 12:38Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company experienced a significant decline in performance in 2024, with revenue of 3.693 billion yuan, down 14.22% year-on-year, and a net profit of 246 million yuan, down 67.72% year-on-year [2][10] - The decline in performance is attributed to reduced orders for zeolite series environmental materials and a downturn in the pharmaceutical product segment due to changing customer demands [2][9] - Despite short-term pressures, the company is expected to benefit from the growth of OLED materials, polyimide materials, and semiconductor manufacturing materials, indicating a positive long-term growth outlook [3][10] Financial Summary - In 2024, the company reported a revenue of 36.93 billion yuan and a net profit of 2.46 billion yuan, with a gross margin of 39.81% [2][12] - For Q4 2024, the revenue was 9.31 billion yuan, down 17.62% year-on-year, and the net profit turned negative at -0.50 billion yuan [1][2] - The first quarter of 2025 showed a revenue of 8.61 billion yuan, down 8.17% year-on-year, but a net profit of 0.80 billion yuan, reflecting a significant sequential increase [1][2] Segment Performance - Functional materials generated revenue of 30.19 billion yuan in 2024, down 10.30% year-on-year, while the life sciences and pharmaceutical products segment saw revenue of 6.29 billion yuan, down 28.65% year-on-year [2] - The OLED materials segment is growing steadily, with a revenue increase of 31.43% year-on-year in 2024, reaching 1.43 billion yuan [3] Future Projections - The company is projected to achieve net profits of 388 million yuan, 485 million yuan, and 605 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.42, 0.52, and 0.65 yuan [10][12] - The expected P/E ratios for the next three years are 26.57, 21.21, and 17.00, indicating a favorable valuation trend [10][12]