Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][5] Core Views - The company's main business is under pressure, but the COC (Cyclic Olefin Copolymer) industrialization is expected to take off, leading to a maintained "Buy" rating [4][5] - In 2024, the company achieved revenue of 466 million yuan, a year-on-year decrease of 13.14%, and a net profit attributable to shareholders of -19.65 million yuan, indicating a shift from profit to loss [4][5] - The first quarter of 2025 saw revenue of 106 million yuan, a year-on-year increase of 2.70%, but a net profit of -4.83 million yuan, again indicating a loss [4][5] - The company is facing intense competition in its main business of polyether amine products, leading to price declines and subsequent losses [4][5] - The COC production line is expected to officially start mass production in 2025, with significant market anticipation [5][6] Financial Summary - Revenue and profit forecasts for 2025-2027 have been adjusted downwards, with expected net profits of 21 million yuan, 105 million yuan, and 254 million yuan respectively [4][8] - The corresponding EPS (Earnings Per Share) is projected to be 0.23 yuan, 1.19 yuan, and 2.89 yuan for the years 2025-2027 [4][8] - The current stock price corresponds to P/E ratios of 201.0, 39.4, and 16.2 for the years 2025-2027 [4][8] - The company has signed a strategic cooperation agreement with Poly New Energy, which is expected to positively impact future operating performance [6][8]