Yoke Technology(002409) 中银国际·2025-05-20 01:23Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [2][7]. Core Views - The company is expected to achieve steady growth in its performance for 2024, driven by the continuous expansion of its electronic materials business [2][10]. - The company reported a revenue of RMB 6.862 billion for 2024, representing a year-on-year increase of 44.84%, and a net profit of RMB 872 million, up 50.41% year-on-year [10][11]. - The report highlights the company's strong performance in the fourth quarter of 2024, with revenue reaching RMB 1.863 billion, a 55.78% increase year-on-year [12]. - The first quarter of 2025 also showed positive results, with revenue of RMB 2.118 billion, a 30.88% increase compared to the same period in 2024 [13]. Financial Performance Summary - The company’s main revenue sources include electronic materials and LNG insulation materials, with significant growth in both sectors [10]. - The electronic materials segment, particularly the precursor business, achieved revenue of RMB 1.954 billion in 2024, a 71.79% increase year-on-year [10]. - The LNG insulation board business saw revenue growth of 89.18% in 2024, reaching RMB 1.635 billion, driven by increased demand from LNG transportation and storage facilities [10][11]. - The company plans to distribute a cash dividend of RMB 2.6 per 10 shares to all shareholders [10]. Valuation - The report projects net profits for 2025-2027 to be RMB 11.83 billion, RMB 15.36 billion, and RMB 19.40 billion respectively, with corresponding earnings per share (EPS) of RMB 2.49, RMB 3.23, and RMB 4.08 [7][16]. - The price-to-earnings (PE) ratios for the same years are estimated at 22.0, 17.0, and 13.4 times [7][16].