Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [1][5]. Core Insights - The company reported Q1 2025 results that met expectations, with a revenue of 168 million yuan, a year-on-year decrease of 3.1%, and a net profit attributable to shareholders of 5.93 million yuan, down 69.04% year-on-year. The decline in profit is attributed to increased management and financial expenses, reduced other income, and decreased investment income [3][4]. - The company is actively developing PEEK materials, focusing on applications in high-end sectors such as medical and humanoid robotics, which are expected to contribute to future revenue growth [3][4]. - The company is projected to achieve net profits of 40.85 million yuan, 50.16 million yuan, and 59.15 million yuan for the years 2025, 2026, and 2027 respectively, reflecting a recovery in profitability after a challenging Q1 2025 [3][4]. Financial Performance Summary - For 2023A, the company achieved a revenue of 580 million yuan, with a growth rate of 24%. The forecast for 2024A is 818 million yuan, with a growth rate of 41%. The revenue is expected to reach 900 million yuan in 2025E, with a growth rate of 10% [1][3]. - The net profit attributable to shareholders is forecasted to be 36 million yuan in 2024A, with a significant drop of 34% year-on-year, followed by a recovery to 41 million yuan in 2025E, representing a 13% growth [1][3]. - The company's earnings per share (EPS) is projected to be 0.26 yuan in 2024A, increasing to 0.29 yuan in 2025E and further to 0.36 yuan in 2026E [1][3]. Market Position and Strategy - The company is positioned as a leader in the modified plastics industry, benefiting from steady market growth and its own technological innovations. It is focusing on expanding into high-value product areas such as new energy, 5G communication, and humanoid robotics [3][4]. - The company is also enhancing its product offerings in traditional markets like home appliances and automotive parts while exploring new applications for PEEK materials [3][4].
富恒新材（832469）：2025Q1业绩符合预期，积极布局PEEK新领域