SINYUAN ZM(301398) Tianfeng Securities·2025-06-05 07:25Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company is expected to achieve a revenue of 409 million yuan in 2024, representing a year-on-year growth of 16.01%, and a net profit of 80 million yuan, with a slight increase of 0.31% [1] - The company is focusing on expanding its magnesium alloy die-casting business, which has seen significant revenue growth, particularly in the automotive and aerospace sectors [2][3] - The company is accelerating its capacity expansion both domestically and internationally, responding to the growing demand in Southeast Asia [3] Financial Performance Summary - In 2024, the company reported a revenue of 409 million yuan, with a net profit of 80 million yuan, and a net profit margin of 19.66% [1] - For Q1 2025, the company achieved a revenue of 88 million yuan, a year-on-year increase of 7.28%, but a decline in net profit to 17 million yuan, down 4.08% [1] - The company’s revenue from magnesium alloy die-casting reached 283 million yuan in 2024, accounting for 69.49% of total revenue, with a year-on-year increase of 9.16 percentage points [2] Growth and Profitability Forecast - The company is projected to achieve net profits of 94 million yuan, 119 million yuan, and 152 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 40.06, 31.62, and 24.78 [4] - The company’s EBITDA is expected to grow from 149 million yuan in 2024 to 241 million yuan in 2027, indicating a strong growth trajectory [4] Market Position and Strategy - The company is leveraging its first-mover advantage in the magnesium alloy die-casting market and is actively expanding its production capacity to meet increasing global demand [3] - The company has established partnerships with major automotive manufacturers, including BMW and Audi, to supply magnesium alloy components for electric and traditional vehicles [3]