Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has experienced rapid revenue growth in the 3C and passenger vehicle sectors, driven by new coating solutions [6][8] - The company reported a revenue of 746 million yuan in 2024, a year-on-year increase of 26.41%, and a net profit attributable to shareholders of 86.4 million yuan, up 6.52% year-on-year [5] - The company is focusing on high-end consumer electronics and passenger vehicle markets, with significant partnerships with major clients [6][7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 746 million yuan, with a net profit of 86.4 million yuan, and a quarterly revenue of 2.19 billion yuan in Q4 2024, reflecting a 25.23% year-on-year growth [5] - For Q1 2025, the company reported a revenue of 1.53 billion yuan, a 13.24% year-on-year increase, but a net profit of 381 thousand yuan, down 68.52% year-on-year [5][6] Revenue Growth Drivers - The 3C sector saw a revenue increase of 26.9% in 2024, attributed to deepened cooperation with North American clients and expanded product offerings [6] - The passenger vehicle sector achieved a revenue of 1.28 billion yuan in 2024, a 29.6% increase, with Q4 2024 showing a 51.6% year-on-year growth [6] Strategic Initiatives - The company is advancing new coating solutions and has successfully launched a new molecular coating material solution [7] - The company is also expanding into strategic emerging fields such as aerospace, with ongoing collaborations and product development [7] Profitability and Valuation - The report projects net profits of 127 million yuan for 2025, down from a previous estimate of 154 million yuan, with continued growth expected in the 3C and passenger vehicle sectors [8][9] - The company’s gross margin is expected to decline to 48.9% in 2025, with an increase in operating expenses impacting profitability [12]

在"技术的松井"发展路径指引下，松井股份2024年研发投入再创新高，全年研发费用突破1.05亿元，同 比增长16.79%。值得关注的是，随着营收规模持续扩大，其研发费用率进一步优化至14.14%，较上年 下降1.17个百分点。技术成果方面，公司年内新增国家授权专利52项（含发明专利19项），参与制定行 业标准1项，并获评国家级博士后科研工作站。 市场端表现印证了技术创新的商业价值。在高端消费电子领域，松井股份创新开发的拓印涂层材料通 过"新材料、新工艺、新色彩"三重突破，继在国内H大客户系列旗舰机项目中树立标杆后，在小米、荣 耀、OPPO、vivo等众多终端品牌"多点开花"，凭借独特的立体纹理美学与丝滑触感体验引领手机后盖 设计潮流。同步推进的准分子涂层材料项目完成首单落地，其卓越的CMF（颜色、材料、工艺）表现 成为创新矩阵中的又一突破点，为高端消费电子业务注入持续增长动能。 在"三纵三横"战略布局的指引下，松井股份依托核心技术构建起多领域协同发展格局。自2019年将PVD 技术从高端消费电子领域成功延伸至乘用车领域以来，松井股份通过持续迭代创新，成功开发出透雷达 波PVD、发光PVD等差异化解决方案。据悉 ...