回天新材：竞争加剧拖累业绩，逆势扩张静待收获-20250516

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][6]. Core Views - The company is experiencing performance pressure due to intensified competition in the chemical products sector, but it is expanding its operations in anticipation of future gains [1][5]. - The company has a stable market position, with a significant share of over 40% in core customer supply, despite the competitive landscape [5][6]. - The company is expected to see a recovery in product profitability as the worst phase of industry competition is believed to be over [5][6]. Financial Performance Summary - For 2024, the company achieved a revenue of 39.89 billion yuan, a year-on-year increase of 2.23%, while the net profit attributable to shareholders was 1.02 billion yuan, a decrease of 65.91% [5]. - The company's gross profit margin for 2024 was 18.46%, down 4.36 percentage points year-on-year, and the net profit margin was 2.60%, down 5.04 percentage points [5]. - The company forecasts revenues of 43.98 billion yuan, 49.17 billion yuan, and 54.54 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 2.14 billion yuan, 3.36 billion yuan, and 4.34 billion yuan for the same years [4][5]. Market Position and Growth - The company’s adhesive product sales volume reached approximately 285,600 tons in 2024, a year-on-year increase of 41.23%, driven by stable releases of photovoltaic and electronic adhesive capacities [5]. - The company’s sales revenue in the transportation sector reached 9.9 billion yuan, a year-on-year increase of 36.73%, capitalizing on the growth opportunities in the new energy vehicle market [5]. - The company is expected to maintain a price-to-earnings ratio (P/E) of 25-30 times for 2025, reflecting its growth potential despite current challenges [6].