Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][14] Core Views - The company's Q4 performance exceeded expectations, with a significant year-on-year profit turnaround, driven by the domestic substitution trend for conductive carbon black amid escalating US-China trade tensions [6][8] - The company reported a revenue of 10.132 billion yuan in 2024, a year-on-year increase of 7.20%, and a net profit attributable to shareholders of 25 million yuan, marking a substantial recovery from losses [6][9] - The forecast for net profit for 2025-2027 has been adjusted, with expected profits of 285 million yuan, 375 million yuan, and 492 million yuan respectively, indicating a strong growth trajectory [6][9] Financial Summary - In Q4 2024, the average price of coal tar was 3,575 yuan per ton, down 8.71% quarter-on-quarter, while the average price of carbon black was 7,874 yuan per ton, down 5.68% [7] - The average price difference for carbon black increased significantly to 2,512 yuan per ton in Q4 2024, contributing to the company's better-than-expected net profit [7] - The company has a conductive carbon black production capacity of 20,000 tons, which is expected to benefit from the accelerated domestic substitution trend [8] Financial Projections - Revenue projections for 2025 are set at 10.610 billion yuan, with a year-on-year growth of 4.7% [9] - The projected gross margin for 2025 is 8.4%, with a net margin of 2.8% [9] - The company's earnings per share (EPS) are expected to be 0.39 yuan in 2025, increasing to 0.67 yuan by 2027 [6][9]