Senior(SZ:300568) Soochow Securities·2026-03-31 14:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the profitability inflection point for the diaphragm is approaching, and the company is positioning itself in solid-state electrolyte membranes to create a second growth curve [1] - The company is expected to see a recovery in unit profitability due to price increases and product structure improvements, with projected net profits for 2026 and 2027 at 750 million and 1.2 billion RMB respectively [8] - The company is actively developing solid-state battery membranes and has signed a strategic cooperation agreement to enhance its product offerings in this area [8] Financial Projections - Total revenue is projected to reach 4.125 billion RMB in 2025, with a year-on-year growth of 16.5% [1] - The net profit attributable to the parent company is expected to be 363.83 million RMB in 2024, dropping to 36.37 million RMB in 2025, but rebounding to 754.22 million RMB in 2026 [1] - The earnings per share (EPS) is forecasted to be 0.03 RMB in 2025, increasing to 0.56 RMB in 2026 and 0.89 RMB in 2027 [1] Market Data - The closing price of the stock is 15.37 RMB, with a market capitalization of approximately 20.68 billion RMB [5] - The company has a price-to-earnings (P/E) ratio of 568.73 for 2025, which is expected to decrease to 27.42 in 2026 and further to 17.23 in 2027 [1][9] Cost Management - The company has effectively controlled expenses, with total operating expenses for 2025 at 930 million RMB, a decrease of 53.3% year-on-year [8] - Capital expenditures for 2025 are projected at 3.78 billion RMB, down 16.7% from the previous year [8]