Ding Sheng New Material(SH:603876) Soochow Securities·2026-01-29 07:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q4 performance exceeded market expectations, with a forecasted net profit attributable to shareholders of 470 to 550 million yuan for 2025, representing a year-on-year increase of 56% to 83% [7] - The profitability of battery foil is expected to significantly improve, with Q4 single-ton profit projected to be between 2500 to 3000 yuan per ton, an increase of over 1000 yuan per ton compared to Q3 [7] - The report anticipates a stable performance in traditional foil products, with a projected contribution of around 100 million yuan in profit for 2025 [7] Financial Forecasts - Total revenue is forecasted to reach 24,022 million yuan in 2024, increasing to 26,582 million yuan in 2025, and further to 30,163 million yuan in 2026 [1][8] - The net profit attributable to shareholders is expected to be 301 million yuan in 2024, increasing to 522 million yuan in 2025, and reaching 904 million yuan in 2026 [1][8] - The earnings per share (EPS) is projected to be 0.32 yuan in 2024, increasing to 0.56 yuan in 2025, and further to 0.97 yuan in 2026 [1][8] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to be 48.33 for 2024, decreasing to 27.86 in 2025, and further to 16.09 in 2026 [1][8] - The report assigns a target price of 24 yuan for the stock based on a 25x valuation for 2026 [7]