Putailai(SH:603659) Changjiang Securities·2025-05-13 01:42Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 13.448 billion yuan in 2024, a year-on-year decline of 12.33%, with a net profit attributable to shareholders of 1.191 billion yuan, down 37.72% year-on-year [2][4]. - In Q4 2024, the company achieved a revenue of 3.608 billion yuan, a slight decline of 1.21% year-on-year, with a net loss of 48 million yuan [2][4]. - For Q1 2025, the company reported a revenue of 3.215 billion yuan, a year-on-year increase of 5.96%, and a net profit of 488 million yuan, up 9.64% year-on-year [2][4]. Financial Performance Summary - The total revenue for 2024 was 13.448 billion yuan, with a gross profit margin of 27%, down 5.94 percentage points year-on-year [10]. - The company’s negative electrode shipments were 132,000 tons for the year, reflecting a strategic adjustment, while coating sales increased by 33% year-on-year [10]. - The company recorded an asset impairment provision of 509 million yuan, primarily due to high-cost inventory and equipment [10]. - The forecast for 2025 indicates a potential recovery in the negative electrode business, with expected net profits of 2.3 billion yuan and 3 billion yuan for 2025 and 2026, respectively [10].