Dawn(SZ:002838) East Money Securities·2026-02-01 14:53Investment Rating - The report assigns an "Add" rating to the company, indicating a positive outlook for its stock performance relative to the market index [3][8]. Core Insights - The company is advancing in technical innovation, particularly in new materials, and plans to acquire an 80% stake in Ningbo Aisikai for 516 million yuan, which is expected to enhance profitability [1][7]. - The DVA (Dynamic Vulcanized Polyolefin) material developed by the company shows significant improvements over traditional materials, with gas barrier properties enhanced by 7-10 times and weight reduction of up to 80% [7]. - The acquisition of Ningbo SK is strategically positioned to enter the EPDM market, which is characterized by high entry barriers and a favorable competitive landscape [7]. - The company is making breakthroughs in robotic materials, including ultra-soft TPE for artificial muscles and conductive TPE for circuit printing, which could reduce manufacturing costs and enhance product flexibility [7]. - The company is also expanding its high-end polyester materials production, with a new 20,000-ton PCTG production line aimed at filling domestic market gaps [7]. Financial Projections - The company is projected to achieve revenues of 6.48 billion yuan, 7.37 billion yuan, and 8.51 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 183 million yuan, 248 million yuan, and 352 million yuan [8][9]. - The expected EPS for the same years is 0.38 yuan, 0.52 yuan, and 0.73 yuan, with P/E ratios of 76.34, 56.29, and 39.76 [9].