Sirui(688102) ZHESHANG SECURITIES·2025-05-13 13:50Investment Rating - The investment rating for the company is maintained as "Accumulate" [8] Core Views - The company achieved total operating revenue of 1.33 billion yuan in 2024, representing a year-on-year increase of 12.7%. The net profit attributable to shareholders reached 114 million yuan, up 16.2% year-on-year, with a non-recurring net profit of 103 million yuan, increasing by 26.9% [1] - In the first quarter of 2025, the company reported operating revenue of 344 million yuan, a year-on-year growth of 19.8%, and a net profit attributable to shareholders of 32 million yuan, up 31.6% year-on-year [1] - The company is expanding its commercial aerospace business and entering the controllable nuclear fusion sector, with revenue from high-strength high-conductivity copper alloys reaching 590 million yuan, a 10.6% increase year-on-year [2] - The company is investing in R&D for medium and high-voltage contact materials, which contributed to a revenue increase of 19.2% year-on-year, reaching 330 million yuan [3] - Revenue from medical imaging components grew by 24.6% year-on-year to 60.22 million yuan, driven by successful batch supply of CT and DR tube components [4] - The company is gradually entering small-batch supply for optical modules, leveraging the excellent properties of tungsten-copper alloys [5] - Profit forecasts indicate that net profit attributable to shareholders will reach 155 million yuan, 201 million yuan, and 251 million yuan in 2025, 2026, and 2027, respectively, with growth rates of 36.0%, 29.2%, and 25.1% [6] Summary by Sections Financial Performance - In 2024, the company reported total operating revenue of 1.33 billion yuan, a 12.7% increase year-on-year, and a net profit of 114 million yuan, up 16.2% [1] - For Q1 2025, operating revenue was 344 million yuan, a 19.8% increase year-on-year, with a net profit of 32 million yuan, up 31.6% [1] Business Expansion - The company is expanding its commercial aerospace operations and has entered the controllable nuclear fusion market, achieving 590 million yuan in revenue from copper alloys, a 10.6% increase [2] - The medium and high-voltage contact materials segment saw revenue growth of 19.2% year-on-year, reaching 330 million yuan [3] - Medical imaging components revenue increased by 24.6% year-on-year to 60.22 million yuan, supported by successful batch supply [4] - The optical module segment is moving towards small-batch supply, utilizing tungsten-copper alloys [5] Profit Forecasts - The company forecasts net profits of 155 million yuan, 201 million yuan, and 251 million yuan for 2025, 2026, and 2027, with respective growth rates of 36.0%, 29.2%, and 25.1% [6]