Core Viewpoint - The Liaoning Revitalization Development Fund has made its first investment of 334 million yuan in Shenyang, marking a significant step in promoting local innovation and development [1] Group 1: Fund Details - The Liaoning Revitalization Development Fund was established by China Chengtong and China Guoxin and is set to be operational by the end of 2024 [1] - The fund's initial investment in Shenyang is part of a broader initiative to support local enterprises through a collaboration between central and local state-owned assets [1] Group 2: Investment Impact - The fund has signed agreements with four innovative enterprises in Shenyang, which are involved in key sectors such as rail transit sensors, aerospace composite materials, inorganic non-metallic materials, and semiconductor equipment [1] - This investment is expected to enhance the technological capabilities and competitiveness of the supported companies in their respective fields [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 505 million yuan for 2024, representing a year-on-year growth of 8.6%, while the net profit attributable to the parent company was 12 million yuan, a decline of 51.05% year-on-year. The non-recurring net profit was -24 million yuan, indicating an expanded loss compared to the previous year [2][4] - In Q4, the revenue was 130 million yuan, showing a year-on-year increase of 10.82% but a quarter-on-quarter decrease of 4.23%. The net profit attributable to the parent company was -3 million yuan, a year-on-year decline of 130.32% and a quarter-on-quarter decline of 130.85% [2][4] Summary by Sections Revenue Performance - In 2024, the sales volume of inorganic functional powder materials reached 38,400 tons, a year-on-year increase of 32.3%, driven by the recovery in downstream demand. The overall revenue growth slightly lagged behind the shipment growth due to price adjustments of barium stone products. In Q4, barium stone shipments are expected to have a slight decline, with a controlled price reduction trend [10] - The sales volume of polymer materials increased to 1,700 tons, a year-on-year growth of 56.06%, with revenue remaining stable [10] Profitability Analysis - The company's gross margin for 2024 was 22.68%, down 3.5 percentage points year-on-year, primarily due to fluctuations in raw material prices and price adjustments affecting cost reduction efforts. The operating profit margin was 1% for 2024, with a net profit margin of 2.24% [10] - In Q4, the gross margin declined due to rising raw material prices and inventory impairment provisions, with operational profitability expected to be at breakeven [10] Future Outlook - For 2025, barium stone is expected to maintain a high shipment growth rate, with sales structure optimization likely to drive profit recovery. The Chongqing base is projected to contribute to performance growth with 9,800 tons of thermal conductive aluminum and flame-retardant materials [10] - New materials such as low-α alumina and high-purity quartz sand are anticipated to achieve bulk sales in 2025, further validating the material platform logic [10]

2024 年归母净利润同比高增 44% 公司 2024 年实现营业收入 9.6 亿元，同比增加 34.94% ； 2024 年实现归母净利润 2.51 亿元，同比增加 44.47% ，创公司上市以来新高。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 2024 年产品产销量均保持同比正增长，产品价格走势出现分化 公司主要产品 2024 年产销量均实现正增长： 2024 年公司角形无机粉体产销量分别为 77446.44 吨和 7670 ...