Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [4]. Core Insights - The company reported a significant increase in profits due to the rapid price rise of prebaked anodes, with a net profit of 272 million yuan in 2024, compared to a loss of 723 million yuan in 2023. The first quarter of 2025 showed a net profit of 244 million yuan, marking a 676% year-on-year increase [1][2]. - The production and sales of prebaked anodes reached new highs in 2024, with production at 3.2645 million tons (up 10.25% year-on-year) and sales at 3.3169 million tons (up 11.35% year-on-year). Exports surged by 34.3% [2]. - The price of prebaked anodes stabilized in 2024 and began to rise sharply in 2025, with an average price of 5,039.5 yuan per ton in 2024 (down 20.2% year-on-year) and 5,848.4 yuan per ton in Q1 2025 (up 13.9% year-on-year) [2]. - The company's gross profit margin improved significantly, reaching 17.03% in Q1 2025, up from 8.94% in Q4 2024 [2]. Production Capacity and Expansion - The company achieved a total prebaked anode production capacity of 3.46 million tons in 2024, with ongoing expansion projects expected to increase capacity to approximately 5 million tons by the end of 2025 [3]. - New projects include a 600,000-ton project in Guangxi and a 320,000-ton project in Jiangsu, both aiming for completion by the end of 2025 [3]. Financial Projections - The company forecasts net profits of 1.069 billion yuan, 1.143 billion yuan, and 1.426 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 7.9, 7.4, and 6.0 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in net profit attributable to shareholders, with a growth of 221% year-on-year for 2024, driven by strong sales in electronic ceramics and high-pressure electrical powder products [8] - The company is entering a new capacity release cycle in 2025, with an additional 60,000 tons of capacity, including 50,000 tons for electronic ceramics and glass, which is expected to enhance profitability [8] - The ongoing research and development efforts are yielding results, particularly in high-performance chip packaging materials, which will help the company expand into high-end application markets [8] - The company is expected to enter a phase of high-quality rapid development due to strong growth in downstream market demand [8] Financial Summary - Total revenue for 2024 is projected at 2.55 billion yuan, a year-on-year increase of 34.99% [8] - The net profit attributable to shareholders for 2024 is expected to be 0.39 billion yuan, reflecting a year-on-year growth of 221.44% [8] - Earnings per share (EPS) for 2024 is forecasted at 0.37 yuan, with corresponding P/E ratios of 91.53, 61.87, and 48.41 for 2025 and 2026 [1][9] - The company plans to invest 11.01 million yuan in R&D in 2024, a 23.25% increase from the previous year [8]