Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported significant performance improvement, achieving a revenue of 6.542 billion yuan in 2024, representing a year-on-year growth of 18.02%, and a net profit attributable to shareholders of 685 million yuan, which increased by 81.24% year-on-year [4][6] - In Q1 2025, the company generated a revenue of 1.461 billion yuan, a decrease of 3.59% year-on-year, and a net profit of 123 million yuan, down 14.27% year-on-year [4] - The company is accelerating new technology development and continues to promote integrated layout, with significant production capacity achieved in various cobalt-related products [5] Financial Performance Summary - 2024 Revenue: 6.542 billion yuan, 2025E Revenue: 7.461 billion yuan, 2026E Revenue: 8.394 billion yuan, 2027E Revenue: 9.044 billion yuan [8] - 2024 Net Profit: 685 million yuan, 2025E Net Profit: 875 million yuan, 2026E Net Profit: 1.082 billion yuan, 2027E Net Profit: 1.326 billion yuan [8] - Gross Margin: 22.1% in 2024, expected to rise to 24.8% by 2026 [8] - P/E Ratio: 19.40 in 2024, decreasing to 10.05 by 2027 [8] - ROE: 7.8% in 2024, projected to reach 10.9% by 2027 [8]

Group 1 - The core viewpoint of the articles highlights that despite a poor performance in Q1 2024, the company is experiencing a significant rebound due to its long-term strategic transformation and structural adjustments [2] - In Q1 2024, the company's revenue saw a substantial decline of approximately 1 billion yuan, primarily due to reduced production in the recycled lead segment [2] - Since 2020, the company has initiated a strategic transformation by significantly cutting lead-acid battery production capacity and focusing on lithium battery capacity construction, successfully transitioning from a lead-dominated to a lithium-dominated energy storage enterprise [2] Group 2 - The company has proactively reduced its recycled lead business, with the revenue share from this segment expected to drop from 50% to 20% in 2025, indicating the completion of its business and capacity structure transformation [2] - In Q1 2024, the company had approximately 900 million yuan in unrecognized revenue from products, including around 200 million yuan from data center products with a gross margin of about 20% and 700 million yuan from new energy storage products overseas with a gross margin of 30%-45% [2] - The company has participated in nearly 500 energy storage station constructions globally and has a prominent position in the industry, with signed but unfulfilled orders reaching 1.3 billion yuan [3] Group 3 - The company is actively expanding its civil lithium battery business, targeting electric three-wheelers and low-speed four-wheelers, and has established partnerships with several well-known electric vehicle brands [3] - The company aims to enhance cash flow and improve lithium battery capacity utilization through these new partnerships [3] - Looking ahead to 2025, the company plans to focus on "three integrations and one fusion" (industrial integration, sales and service integration, global integration, and industrial ecosystem fusion) to drive the development of new energy storage, communication and data center storage, and consumer products [3]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company is transitioning from a single coating material provider to an integrated solution provider, covering upstream base films, adhesives, and downstream coating processes, which enhances its overall business performance [5] - The traditional business segments, including inkjet printing materials, labels, and base films, continue to provide stable cash flow, with revenue growth rates of 7.79%, 28.07%, and 111.33% respectively [5] - The new business segment of electronic-grade functional materials is also growing steadily, with a revenue increase of 61.91% year-on-year [5] - The company has made significant progress in the production of flexible sensors, with successful installation and commissioning of pilot production lines, indicating accelerated industrialization [6] - The company is a leader in the domestic BOPP segment, with a high level of technology maturity and market recognition, and is actively promoting domestic substitution in various fields [7][8] - The company's profit forecast for 2025-2027 indicates a net profit of 1.23 billion, 1.56 billion, and 2.19 billion yuan respectively, with corresponding PE ratios of 59.0, 46.6, and 33.3 times [9] Summary by Sections Market Performance - The company achieved total operating revenue of 2.541 billion yuan in 2024, a year-on-year increase of 19.23%, and a net profit of 139 million yuan, up 98.42% year-on-year [4] Investment Highlights - The company is enhancing its integrated industrial layout, with traditional and emerging businesses growing in tandem [5] - The flexible sensor production is progressing well, with pilot production lines operational and small batch orders completed [6] - The company is focusing on R&D, with new standards and patents being developed to address industry challenges [6] Profit Forecast - The company is expected to see a decline in net profit in 2025, followed by growth in subsequent years, indicating a potential recovery trajectory [11]