Q1 利润拐点已现，强势业务高速增长且山东项目步入减亏 ——东材科技 2024 年报及 2025 年一季报点评 塑料 东材科技（601208.SH） 证券研究报告/公司点评报告 2025 年 05 月 12 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A 2024A | 2025E 2026E | 2027E | | 分析师：孙颖 | | 营业收入（百万元） | 3,737 | 6,527 | 7,689 | | | | 增长率 yoy% | 3% | 21% 21% | 18% | | 执业证书编号：S0740519070002 | | 归母净利润（百万元） | 329 181 | 449 568 | 698 | | Email：sunying@zts.com.cn | | 增长率 yoy% | -21% | 27% | 23% | | | | 每股收益（元） | 0.36 | 0.50 0.63 | 0.78 | | 分析师：张昆 | | 每股现金流量 | 0.20 0. ...

四川东材科技集团股份有限公司 四川东材科技集团股份有限公司 一、会议召开时间 （1）现场会议时间：2025 年 5 月 15 日 14 点 00 分 （2）网络投票时间：公司此次股东大会网络投票采用上海证券交易所网络投票系统， 通过交易系统投票平台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25， 二、会议召开地点：四川省绵阳市游仙区三星路 188 号四川东材科技集团股份有限公司 三、会议主持：董事长唐安斌先生 投票股东类型 序号 议案名称 非累积投票议案 五、股东发言及公司董事、监事、高级管理人员回答提问。 六、介绍出席情况，会议登记终止，宣布到会的有表决权股份数。 七、现场会议表决及表决结果统计。 八、休会 30 分钟。 九、宣布表决结果。 十、见证律师宣读法律意见书。 十一、宣读会议决议，出席会议的董事等签署会议记录。 十二、主持人宣布会议闭幕。 四川东材科技集团股份有限公司董事会 议案 1、《关于公司 2025 年度向金融机构申请综合授信额度、项目贷款额度的议案》 各位股东及股东委托代理人： 根据公司 2025 年的经营发展规划，公司及子公司拟向以下金融机构申请总额不超过人 民币 65 ...

Core Viewpoint - In 2024, Dongcai Technology achieved significant revenue growth, surpassing 4 billion yuan for the first time, driven by product structure optimization and expansion into emerging markets [1][2] Financial Performance - In 2024, Dongcai Technology reported a revenue of 4.47 billion yuan, a year-on-year increase of 19.6%, and a net profit of 181 million yuan, with a proposed cash dividend of 1 yuan per 10 shares [2] - For Q1 2025, the company achieved a revenue of 1.13 billion yuan, a year-on-year growth of 23.2%, and a net profit of 91.88 million yuan, up 81.2% [2][3] - The non-recurring net profit for Q1 2025 was 76.16 million yuan, reflecting a growth of 105.2% year-on-year [2] Product Performance - In Q1 2025, sales revenue for optical film materials reached 300 million yuan, up 43% year-on-year; polypropylene film sales were 110 million yuan, up 37%; and high-speed electronic resin sales were 112 million yuan, up 129% [3] - The optical film materials segment achieved a revenue of 1.129 billion yuan in 2024, marking a 17.4% increase and surpassing 1 billion yuan for the first time [4] Strategic Initiatives - Dongcai Technology's growth is attributed to its "1+3" product development strategy, focusing on innovation and efficiency improvements, particularly in optical films and electronic materials [4] - The company aims to ensure timely production and effectiveness of its industrial projects, including the construction of new production lines and technology upgrades [6] Market Position and Future Outlook - Dongcai Technology is one of the few domestic manufacturers capable of producing ultra-thin polypropylene films for new energy applications, filling a gap in the high-end film capacitor industry [5] - Analysts highlight the company's strong competitive advantages and growth potential, driven by the rapid development of electronic materials and new energy businesses [6][3] Digital Transformation - The company is actively leveraging digital intelligence to enhance innovation and upgrade its operations, including the establishment of a CRM digital marketing platform and a management data analysis platform [7]