凯立新材（688269）：持续践行分红政策，25Q1营收、净利高速增长

Investment Rating - The report maintains a "Buy-B" rating for Kaili New Materials (688269.SH) [1] Core Views - The company has demonstrated a strong commitment to shareholder returns through stable dividends, with a total cash dividend of 0.5 yuan per share for the 2024 fiscal year, amounting to 65.35 million yuan [4] - In Q1 2025, the company achieved a record revenue of 626 million yuan, representing a year-on-year growth of 105.25%, and a net profit of 22 million yuan, up 90.48% year-on-year [4] - The company is expected to maintain high growth in sales of core products, supported by sufficient production capacity of 3,000 tons from its Tongchuan facility, which is gradually coming online [4] - The price of palladium, a key raw material for the company's catalyst sales, has shown a recovery trend, which is anticipated to enhance the company's sales prices and profitability [5] Financial Performance and Forecast - The company is projected to achieve revenues of 2.037 billion yuan, 2.487 billion yuan, and 2.918 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.8%, 22.1%, and 17.3% [6] - The net profit forecast for the same years is 159 million yuan, 226 million yuan, and 289 million yuan, with growth rates of 72.1%, 42.1%, and 27.5% [6] - The earnings per share (EPS) are expected to be 1.22 yuan, 1.73 yuan, and 2.21 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 26.8, 18.9, and 14.8 [6] Market Data - As of July 8, 2025, the closing price of the stock is 32.70 yuan, with a year-to-date high of 35.75 yuan and a low of 20.86 yuan [2] - The circulating A-shares amount to 131 million, with a total market capitalization of 4.274 billion yuan [2]