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]

Core Viewpoint - Matsui Co., Ltd. reported a record revenue of 746 million yuan for the fiscal year 2024, marking a year-on-year growth of 26.41%, while net profit attributable to shareholders reached 86.4 million yuan, reflecting a growth of 6.52% [2] Financial Performance - The company achieved an operating income of 746 million yuan, a 26.41% increase year-on-year, setting a new historical revenue record [2] - The net profit attributable to shareholders was 86.4 million yuan, with a non-recurring net profit of 79.0 million yuan, representing year-on-year growths of 6.52% and 7.18% respectively [2] Research and Development - Matsui Co., Ltd. increased its R&D investment to over 105 million yuan, a 16.79% increase compared to the previous year [2] - The R&D expense ratio improved to 14.14%, a decrease of 1.17 percentage points from the previous year [2] - The company obtained 52 new national patents during the year, including 19 invention patents, and participated in the formulation of one industry standard [2] Market Performance and Innovation - The company’s innovative coating materials have gained traction in the high-end consumer electronics sector, establishing benchmarks with major domestic clients and expanding to brands like Xiaomi, Honor, OPPO, and vivo [3] - The successful launch of the sub-molecular coating material project has added growth momentum to the high-end consumer electronics business [3] Strategic Development - Matsui Co., Ltd. has established a multi-field collaborative development framework under its "three verticals and three horizontals" strategic layout [3] - The company has successfully extended its PVD technology from high-end consumer electronics to the passenger vehicle sector since 2019, developing differentiated solutions such as radar wave-permeable PVD and luminous PVD [3] - The innovative technology aligns with the trends of intelligent and personalized upgrades in new energy vehicles, expanding application scenarios from interior and exterior parts to key components like smart sensors [3] Historical Development - Matsui Co., Ltd. started in 2009 with 3C coating business and has gradually gained trust and cooperation from international technology giants due to its strong technical strength and innovation capabilities [4] - The company has successfully captured market opportunities, expanding its business into the passenger vehicle sector and strategic emerging fields such as special equipment [4]