（2）分季度来看，2024Q4/2025Q1 分别实现营收2.65 亿元/2.46 亿元，分别同比+6.9%/+10.1%，收入增 速回升，预计得益于下游家电等领域景气上升对需求的带动。 公司披露2024 年年报及2025 年一季报：公司2024 年全年/2025 年一季报实现营收9.34 亿元/2.46 亿元， 分别同比+11.2%/+10.1%，实现归母净利润7716 万元/976 万元，分别同比-27.3%/-66.0%。 收入增速回升，新应用开拓成果显现。（1）公司2024 年营收增长主要来自于真空绝热板主业的驱动， 真空绝热板实现收入9.15 亿元、销量997 万平，同比分别+11.4%/+13.1%，除了受益于产品渗透率提升 以及公司产能增长外，公司开拓动力电池保温等新应用领域也持续取得进展。 持续推进扩产项目建设和产品工艺优化迭代。2024 年经营活动产生的现金流量净额为6565 万元，同 比-12.7%，主要是盈利下降所致。2025Q1经营活动产生的现金流量净额为511 万元，同比-82.3%，主要 是收到的税收返回同比下降所致。公司2024 年全年/2025Q1 购建固定无形长期资产支付的现 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue growth is recovering, driven primarily by its main business of vacuum insulation panels, which achieved a revenue of 915 million yuan in 2024, reflecting a year-on-year increase of 11.4% [8] - The gross profit margin is under pressure due to a decrease in export sales and rising costs, with the overall gross margin for 2024 at 29.1%, down 3.9 percentage points year-on-year [8] - The company is actively expanding production capacity and optimizing product processes, with significant investments in fixed and intangible assets [8] Financial Performance Summary - Total revenue for 2024 is projected at 933.54 million yuan, with a year-on-year growth of 11.16% [1] - The net profit attributable to shareholders for 2024 is expected to be 77.16 million yuan, a decrease of 27.27% year-on-year [1] - Earnings per share (EPS) for 2024 is estimated at 0.46 yuan, with a price-to-earnings (P/E) ratio of 31.43 [1] Revenue and Profit Forecast - Revenue is expected to grow to 1,138.94 million yuan by 2025, with a year-on-year increase of 22% [1] - The net profit attributable to shareholders is forecasted to recover to 97.92 million yuan in 2025, representing a growth of 26.90% [1] - The projected EPS for 2025 is 0.58 yuan, with a P/E ratio of 24.76 [1] Market Data - The closing price of the stock is 14.45 yuan, with a market capitalization of approximately 2,424.91 million yuan [5] - The stock has a price-to-book (P/B) ratio of 2.35 [5] Operational Insights - The company is focusing on new application development, particularly in the field of battery insulation, which is expected to drive future growth [8] - The company is also working on the installation and debugging of new production equipment, aiming for trial production in the first half of 2025 [8]