呈和科技（688625）：业绩符合预期，国产替代趋势加强，进军靶材打造第二成长曲线

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance meets expectations, with a strong trend towards domestic substitution and an entry into the target material market to create a second growth curve [1] - The company reported a total revenue of 882 million yuan in 2024, with a year-on-year growth of 10.3%, and a net profit attributable to shareholders of 250 million yuan, also reflecting a year-on-year increase of 10.7% [6] - The company plans to acquire at least 51% of Yingri Technology, which specializes in ITO target materials, potentially enhancing its market position and opening new growth avenues [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 1,075 million yuan in 2025, 1,243 million yuan in 2026, and 1,453 million yuan in 2027, with respective year-on-year growth rates of 21.9%, 15.6%, and 16.9% [5] - The net profit attributable to shareholders is expected to reach 311 million yuan in 2025, 376 million yuan in 2026, and 446 million yuan in 2027, with year-on-year growth rates of 24.2%, 21.0%, and 18.5% respectively [5] - The gross profit margin is projected to remain stable, with estimates of 47.3% in 2025, 47.9% in 2026, and 48.1% in 2027 [5] Market and Industry Insights - The domestic production of polypropylene (PP) is expected to reach 34.63 million tons in 2024, a year-on-year increase of 7.4%, while the production of polyvinyl chloride (PVC) is projected to be 23.28 million tons, reflecting a 3.35% increase [6] - The company’s main products, nucleating agents and synthetic hydrotalcite, are essential materials for high-performance resins, positioning the company to benefit from the high-end development of the PP and PVC industries [6] - The acquisition of Yingri Technology is anticipated to create synergies in customer resources and brand influence, marking the beginning of a new growth phase for the company [6]