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2024年报、2025一季报点评:24年盈利承压,25年锂电需求有望回升
Soochow Securities· 2025-04-27 08:10
Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's profitability is under pressure in 2024, but lithium battery demand is expected to recover in 2025 [1][7] - Revenue for 2024 is projected to decline by 20.30% year-on-year, with a total revenue of 2.112 billion yuan, while net profit is expected to be a loss of 435.7 million yuan [1][7] - The company anticipates a significant recovery in net profit in 2025, with an expected profit of 248.3 million yuan, representing a year-on-year increase of 156.99% [1][7] Financial Summary - Total revenue forecast for 2023A is 2.65 billion yuan, decreasing to 2.112 billion yuan in 2024A, and expected to rise to 2.9084 billion yuan in 2025E [1][8] - The net profit for 2023A is 171.7 million yuan, projected to be a loss of 435.7 million yuan in 2024A, and a profit of 248.3 million yuan in 2025E [1][8] - The earnings per share (EPS) is expected to be -0.42 yuan in 2024A, recovering to 0.24 yuan in 2025E [1][8] Business Outlook - The company's revenue from material automation processing and component businesses is expected to decline in 2024 due to reduced demand in the lithium battery industry, but a recovery is anticipated in 2025 as the industry rebounds [7] - The company is expected to see a gradual increase in orders and profitability as the lithium battery demand recovers and traditional industries like fine chemicals maintain steady growth [7]