ENERGY TECHNOLOGY(SZ:002812) Changjiang Securities·2025-05-13 02:14Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 10.164 billion yuan for 2024, a year-on-year decrease of 15.6%, with a net profit attributable to shareholders of -556 million yuan and a non-recurring net profit of -613 million yuan. In Q4 2024, the revenue was 2.699 billion yuan, down 8.47% year-on-year but up 0.65% quarter-on-quarter, with a net profit of -1 billion yuan and a non-recurring net profit of -1.03 billion yuan, falling within the performance forecast range [2][4]. Summary by Sections Financial Performance - For the full year 2024, the company shipped 8.825 billion square meters of lithium membranes, a year-on-year increase of 42.33%, driven by capacity release and market expansion. The membrane business generated revenue of 8.82 billion yuan, with a significant decline in average selling price. The gross margin for the membrane business was 7.7%, a substantial decrease, with the lithium battery membrane gross margin at 7.39%, down 32.44 percentage points year-on-year, primarily due to inventory costs [9]. Market Outlook - Looking ahead, the company expects Q1 2025 shipments to continue growing year-on-year, with overall positive growth anticipated for the year. The company aims to support profit stabilization through negotiations with downstream customers. The significant inventory impairment in Q4 2024 positions the company favorably for future profitability, especially with the ramp-up in overseas markets [9]. Business Developments - The company has initiated the construction of a lithium battery coating separator factory in the U.S. with a planned capacity of approximately 700 million square meters. Additionally, projects in Hungary and Malaysia are planned, with capacities of about 800 million square meters and 1 billion square meters, respectively [9].