Valiant(SZ:002643) NORTHEAST SECURITIES·2025-05-23 15:07Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company has made significant progress in OLED materials, with multiple proprietary OLED finished materials validated and supplied to downstream customers. The subsidiary, Jiuyou Chemical, maintains its leading position in the industry [3]. - The company is actively exploring new product lines, including semiconductor manufacturing materials, high-performance polymer materials, and new energy materials, which are expected to drive future growth [4]. - Financial forecasts indicate that the company is expected to achieve net profits of 4.05 billion, 4.87 billion, and 5.49 billion yuan for the years 2025 to 2027, respectively, with corresponding price-to-earnings ratios of 25.11X, 20.90X, and 18.54X [4][5]. Financial Summary - For 2023, the company reported a revenue of 4.305 billion yuan, with a projected revenue of 3.693 billion yuan for 2024, reflecting a decline of 15.26%. However, a recovery is anticipated with an increase of 11.72% in 2025 [5][12]. - The net profit attributable to the parent company is forecasted to be 763 million yuan in 2023, dropping to 246 million yuan in 2024, but recovering to 405 million yuan in 2025, indicating a growth rate of 64.65% [5][12]. - The company’s total assets are projected to grow from 10.591 billion yuan in 2024 to 11.548 billion yuan in 2027, while the total liabilities are expected to decrease from 2.819 billion yuan in 2024 to 2.352 billion yuan in 2027 [12][13].