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Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company has optimized its product structure, leading to improved gross margins for key products and a continuous improvement in performance. Despite facing a weak supply-demand situation in the domestic polycarboxylate superplasticizer market, the company has managed to reduce its losses significantly in 2024 and is expected to achieve breakeven in Q1 2025 [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 4.3 billion yuan, a year-on-year increase of 12%. The net profit attributable to shareholders was -159 million yuan, an improvement of 150 million yuan compared to the previous year. In Q4 2024, the company reported revenue of 1.28 billion yuan, up 55% year-on-year, and a net profit of -26 million yuan, an increase of 89 million yuan year-on-year [2][3]. - For Q1 2025, the company reported revenue of 940 million yuan, a 25% increase year-on-year, but a 26% decrease quarter-on-quarter. The net profit attributable to shareholders was -3 million yuan, an improvement of 81 million yuan year-on-year [2]. Product and Market Strategy - The company is focusing on the epoxy industry chain and is actively moving towards the new energy and medical materials markets. It is one of the largest suppliers of green low-carbon fine chemical materials derived from ethylene oxide globally. The company has significant production capacity, including 300,000 tons of ethylene oxide and 1.6 million tons of ethoxylation capacity [4]. - The company is also advancing its technology transformation projects in new energy materials, with a new lithium battery additive project expected to be operational in January 2024. Ongoing capacity expansion projects are progressing well, with completion rates of 33%, 100%, and 70% for various projects by the end of 2024 [4]. Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2026 and introduces a forecast for 2027, estimating net profits attributable to shareholders of 36 million yuan, 46 million yuan, and 57 million yuan for 2025, 2026, and 2027 respectively. The corresponding EPS is projected to be 0.05 yuan, 0.07 yuan, and 0.08 yuan [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company is experiencing rapid revenue and profit growth, with projected revenue of 7.17 billion yuan in 2024, representing a year-over-year increase of 19.0%, and a net profit of 2.70 billion yuan, up 32.0% year-over-year [1]. - The company has a strong pipeline of waste incineration projects that will support steady growth, with 55 operational projects by the end of the reporting period, totaling an operational scale of approximately 37,300 tons per day [3]. - The company is making significant progress in its new energy materials business, with key projects in production, which are expected to contribute to profit growth [4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 51.8%, an increase of 4.2 percentage points year-over-year, and a net profit margin of 38.8%, also up by 4.2 percentage points year-over-year [2]. - The management expense ratio decreased to 3.5%, while the financial expense ratio also saw a decline to 3.5%, indicating improved cost control [2]. - The company reported a net operating cash flow of 2.43 billion yuan in 2024, reflecting a year-over-year increase of 4.7% [2]. Project Pipeline and Growth Potential - The company has a robust project pipeline in waste incineration, with several projects entering operation or trial phases, ensuring a steady revenue stream [3]. - The equipment manufacturing segment is expanding, with new orders totaling approximately 3.17 billion yuan expected to contribute to revenue growth [3]. - The new energy materials segment is progressing well, with significant projects in production that are anticipated to enhance profitability [4]. Future Projections - The company is expected to achieve net profits of 3.34 billion yuan, 3.88 billion yuan, and 4.39 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 2.0 yuan, 2.3 yuan, and 2.6 yuan [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 10.0X, 8.6X, and 7.6X, respectively, indicating a favorable valuation outlook [4].

杨燕指出， 这一波忙起来的投资人有个共性——"基本都是被De eps e ek刺激到了 。大家也看 到了AI这一波的投资机会是比较具有确定性的，赶紧动起来。毕竟，这几年大家都放缓出手， 也不知道投点什么好，好不容易看到了新机会。" 今年一季度，一级投资人又忙起来了。 "从过完年开工到现在，只在自己家住了六天，其余时间都在外面出差。虽然2 0 2 4年过得很不 容易，但越是下行周期，越不能躺平。并且，今年我们确实看到了不少新机会，才动起来的， 近期遇到不少同行交流，大家的体验也都是今年变忙了。"上海VC投资人杨燕（化名）告诉母 基金研究中心。 母基金研究中心关注到，此前，2 0 2 4一整年，一级市场上有大量"零出手"的机构。从GP角度 来说，"不是不想投，是有钱也不敢投"——"一方面是项目竞争激烈，现在热门的投资方向都 是硬科技、新能源新材料等战略新兴产业，项目估值被推高的很厉害，没什么可选择的空间， 没什么可以投的，而另一方面就是退出难倒逼投资也谨慎了，老股转让打骨折都难出手，很多 在过去投的时候认为好的项目估值下调严重。在复杂多变的市场形势下，不出手是最好的选 择，不投就不会亏呀。并且我们现在最看重DPI ...