Investment Rating - The report maintains an "Accumulate" investment rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [12][39]. Core Views - The company's performance is under short-term pressure, with expectations for recovery in the first quarter of 2025 [4][8]. - The company focuses on the research and industrialization of fluorine, lithium, silicon, and boron, with a strong emphasis on new materials for energy and electronics [8][10]. - The demand for electrolyte solutions is expected to continue growing, driven by the increasing sales of new energy vehicles in China [8][10]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 8.207 billion yuan, a year-on-year decline of 31.25%. Operating profit was -389 million yuan, down 161.29%, and net profit was -308 million yuan, down 160.36% [8][15]. - The first quarter of 2025 showed signs of recovery with a net profit of 64.73 million yuan, a year-on-year increase of 69.24% [13][15]. Product Segments - New energy materials, including lithium hexafluorophosphate, saw sales of 43,300 tons in 2024, generating revenue of 2.593 billion yuan, a decline of 45.93% [10][11]. - The electronic information materials segment achieved revenue of 935 million yuan in 2024, down 24.52%, but is expected to recover in 2025 due to advancements in production technology [10][11]. Market Outlook - The report highlights a significant growth in China's new energy vehicle sales, with a total of 12.859 million units sold in 2024, representing a year-on-year increase of 36.10% [8][10]. - The company is well-positioned in the fluorine chemical industry, with a complete industrial chain from fluorine resources to lithium battery production, which is expected to support future growth [10][11]. Valuation Metrics - The report forecasts diluted earnings per share of 0.23 yuan for 2025 and 0.31 yuan for 2026, with corresponding price-to-earnings ratios of 50.79 and 38.42, respectively [13][15].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [12][39]. Core Views - The company's performance is under short-term pressure, with a significant decline in revenue and profits in 2024, but is expected to recover in 2025 [7][12]. - The demand for lithium battery electrolyte is projected to continue growing, driven by the increasing sales of new energy vehicles in China [7][9]. - The company has a complete industrial chain for lithium battery production, which provides a significant cost advantage [9][10]. - The company is expected to see a recovery in its new energy materials segment in 2025, despite short-term challenges [9][12]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 82.07 billion yuan, a year-on-year decrease of 31.25%, with a net profit of -3.08 billion yuan, down 160.36% [7][12]. - The first quarter of 2025 showed signs of recovery, with a net profit of 64.73 million yuan, a year-on-year increase of 69.24% [12][14]. Market Position and Industry Trends - The company is a leader in the fluorine-based new materials sector, with a focus on lithium hexafluorophosphate and other electrolyte salts [9][10]. - The demand for lithium hexafluorophosphate is expected to remain strong, supported by the growth in the new energy vehicle market, which saw a 36.10% increase in sales in 2024 [7][9]. - The company has established a strong market presence, exporting to regions such as Korea, Japan, and Europe, and is expected to maintain its market share [9][10]. Product Segments - The new energy materials segment generated revenue of 25.93 billion yuan in 2024, a decline of 45.93%, primarily due to falling prices of lithium hexafluorophosphate [9][10]. - The electronic information materials segment is expected to recover in 2025, with the company having successfully entered the semiconductor supply chain [9][10]. - The fluorine-based new materials segment achieved revenue growth of 20.42% in 2024, indicating strong demand in traditional and high-tech sectors [10][12].