Core Viewpoint - In 2024, the company faced multiple challenges including intensified domestic market competition, fluctuations in the supply chain prices, and insufficient operating rates from downstream customers, leading to a significant decline in revenue and net profit [2] Financial Performance - In 2024, the company achieved a revenue of 537 million, a year-on-year decrease of 50%, with a net profit attributable to shareholders of -815 million [1] - In Q4 2024, the revenue was 96 million, also down 50% year-on-year, with a net profit of -669 million [1] - In Q1 2025, the revenue was 160 million, a year-on-year decrease of 21%, with a net profit of -86 million [1] - The company recorded an asset impairment loss totaling 582 million, primarily due to fixed asset impairment losses of 455 million and inventory write-down losses of 128 million [2] Business Segments - The company shipped 2019.72 tons of advanced carbon-based composite materials in 2024, a decrease of 40.1% year-on-year, with lithium battery front-end shipments at 31,900 tons and graphitization shipments at 11,600 tons [2] - The gross profit margins for the photovoltaic and lithium battery sectors were -13.63% and -28.56%, respectively, impacted by price declines in the supply chain [2] Future Outlook - In Q1 2025, the company experienced an improvement in profitability driven by increased demand for thermal fields due to enhanced silicon wafer production [3] - The gross profit margin in Q1 2025 was -9.08%, recovering to the level seen in the first half of 2024 [4] - The company plans to continue research and development of new products and technologies, focusing on market promotion of carbon-ceramic brake discs, lithium battery thermal components, photovoltaic heaters, and porous carbon [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 537 million yuan, a year-on-year decrease of 50%, and a net loss attributable to shareholders of 815 million yuan [3][4]. - In Q4 2024, the company achieved revenue of 96 million yuan, also down 50% year-on-year, with a net loss of 669 million yuan [3]. - For Q1 2025, the company reported revenue of 160 million yuan, a year-on-year decrease of 21%, and a net loss of 86 million yuan [3][4]. - The company is facing challenges such as intensified domestic market competition, price fluctuations in the supply chain, and insufficient operating rates from downstream customers [8]. - Despite these challenges, the company is focusing on promoting new products and enhancing its competitive edge through technological innovation and collaboration across various sectors, including photovoltaic, semiconductor, transportation, lithium battery, and hydrogen energy [8]. Financial Performance - The company recorded a total revenue of 537 million yuan in 2024, with a gross loss of 86 million yuan, resulting in a gross margin of -16% [14]. - The company incurred asset impairment losses totaling 582 million yuan, primarily due to fixed asset impairment losses of 455 million yuan and inventory write-downs of 128 million yuan [8]. - In Q1 2025, the company experienced a slight improvement in profitability, with a gross margin of -9.08%, recovering to the level seen in the first half of 2024 [8]. - The company plans to continue its research and development efforts, focusing on new products such as carbon-ceramic brake discs, lithium battery thermal components, photovoltaic heaters, and porous carbon [8].

Financial Performance - The company reported a total revenue of 160 million yuan for Q1 2025, a decrease of 20.99% year-on-year [1] - The net profit attributable to the parent company was -85.51 million yuan, down 56.33% year-on-year [1] - The gross margin was -9.08%, a decline of 263.45% compared to the previous year [1] - The net margin was -52.68%, a decrease of 95.71% year-on-year [1] - The company’s accounts receivable accounted for 67.49% of the latest annual revenue [1] Key Financial Metrics - Total revenue for Q1 2024 was 202 million yuan, compared to 160 million yuan in Q1 2025 [1] - The company’s cash and cash equivalents decreased by 38.85% to 171 million yuan [1] - The total interest-bearing debt was 338 million yuan, down 19.91% [1] - Earnings per share for Q1 2025 was -0.42 yuan, a decline of 61.54% year-on-year [1] - The company’s net asset per share was 24.95 yuan, down 42.32% [1] Business Model and Strategy - The company relies heavily on capital expenditure and equity financing for its performance, necessitating careful evaluation of capital projects [3] - The company has developed a carbon materials industrialization platform focusing on diverse applications and advanced carbon-based composite materials [5] - The company is actively promoting its carbon-based composite materials in various fields, including photovoltaics, semiconductors, transportation, hydrogen energy, and batteries [5] Fund Holdings - The largest fund holding in the company is the Guotai Golden Eagle Growth Mixed Fund, with 2.3081 million shares newly entered into the top ten holdings [4] - Other funds that have newly entered the top ten holdings include Zhongyin Income Mixed A and Guotai Research Advantage Mixed A [4]