【DT新材料】 获悉，1月16日， 苏州申赛新材料股份有限公司 （下称"申赛新材"）与 中国科学院长春应用化学研究所 （下称"应化所"）在长春签署 战略合作协议，双方将基于应化所唐涛课题组开创性的 "热塑/热固聚合物共混泡沫材料 "专利技术开展合作研究，共同推动该专利技术的产业化落地。 应化所所长刘俊、申赛新材董事长姜修磊等出席签约仪式。 唐涛课题组在国际上率先提出了 "增塑-发泡-增强"（PFR）结构功能一体化的聚合物轻量化策略，采用热塑性聚合物和热固性聚合物单体为原料，将 反应性增塑和反应诱导相分离与超临界发泡技术相结合，制备了一系列新型热塑/热固聚合物合金泡沫材料 。 机器人、无人机、商业航天、碳纤维、改性塑料、半导体、固态电池. FINE 2026 × Carbontech 该技术不仅实现了热塑性聚合物与热固性聚合物特性的有机结合，而且克服了特种材料性能（机械性能、耐热性能等）与超临界发泡工艺特性之间的矛 盾，有效解决了部分工程塑料和特种工程塑料难以实现超临界发泡的困难。该技术将为 航空航天、海洋装备、轨道交通、半导体 等对材料性能要求严 格的尖端应用领域提供兼具高性能、轻量化优势的创新解决方案。 根 ...

Investment Rating - The report maintains a strong buy rating for the company [1][11][5] Core Views - The company experienced a revenue increase of 12% and a net profit increase of 9% year-on-year in Q4 2024, despite lower efficiency from the new factory impacting profitability [1][2] - The company is expanding its customer base rapidly, with new customer orders increasing significantly, and is enhancing its ability to secure high-quality orders through the development of supercritical foaming technology [1][11] - Forecasted net profits for 2025-2027 are projected to be 4.34 billion, 4.94 billion, and 5.64 billion yuan, with year-on-year growth rates of 13%, 14%, and 14% respectively [1][11] Financial Performance Summary - In 2024, the company achieved total revenue of 240.1 billion yuan, a year-on-year increase of 19.35%, with net profit reaching 38.4 billion yuan, up 20% [2][10] - For Q4 2024, revenue was 64.95 billion yuan, reflecting an 11.9% increase year-on-year, while net profit was 9.97 billion yuan, a 9.2% increase [2][4] - The gross margin for 2024 improved by 1.2 percentage points to 26.8%, with a net margin of 15.98% [4][14] Customer and Product Breakdown - The top five customers accounted for 79.1% of total revenue in 2024, with significant growth in orders from key clients [2][3] - Revenue from sports leisure shoes was 209.6 billion yuan, representing a 17.88% increase, while outdoor footwear revenue decreased by 33.7% [3][4] Capacity Expansion and Operational Efficiency - The company is expanding its production capacity with new factories in Vietnam and Indonesia, and has begun localizing procurement to reduce costs and risks [11][10] - The cash flow from operating activities increased by 24.97% year-on-year to 46.17 billion yuan in 2024, indicating strong operational efficiency [4][10]