Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 10.02 billion yuan for 2024, representing a year-on-year increase of 9.9%. The net profit attributable to shareholders was 870 million yuan, also up by 9.9%. The net profit after deducting non-recurring gains and losses was 830 million yuan, reflecting a year-on-year growth of 12.7% [4][8]. - In Q4 alone, the company achieved a revenue of 2.87 billion yuan, which is an 18.1% increase year-on-year and a 13.6% increase quarter-on-quarter. The net profit for Q4 was 290 million yuan, down 6.6% year-on-year but up 15.2% quarter-on-quarter [4][8]. - The company plans to distribute a cash dividend of 4.5 billion yuan, proposing a payout of 5.5 yuan per 10 shares [4][8]. - For Q1 2025, the company forecasts a net profit attributable to shareholders between 200 million and 215 million yuan, indicating a year-on-year increase of 45.6% to 56.5% [4][8]. Summary by Sections Financial Performance - In 2024, the company's synthetic resin products, advanced electronic materials, and biomass products generated revenues of 5.34 billion yuan, 1.24 billion yuan, and 960 million yuan, respectively, with year-on-year growth rates of 4.3%, 4.7%, and 11.7% [8]. - The total sales volume for these products was 696,000 tons, 69,000 tons, and 217,000 tons, with respective year-on-year increases of 8.9%, 1.1%, and 23.6% [8]. - The gross profit margins for these segments were 20.7%, 27.4%, and 14.3%, with slight changes year-on-year [8]. Business Segments - The company’s two main businesses, phenolic resin and casting materials, showed stable growth in market share. In 2024, phenolic resin sales reached 529,000 tons, up 8.4% year-on-year, while casting resin sales were 174,000 tons, up 10.4% [8]. - The company is focusing on expanding its advanced electronic materials segment, particularly in high-frequency and high-speed resins, to meet the growing demand driven by AI server performance upgrades [8]. Future Outlook - The company is expected to see significant performance contributions from its PPO, porous carbon, and biomass projects as they reach full production capacity. Forecasted net profits for 2025 to 2027 are 1.27 billion yuan, 1.57 billion yuan, and 1.99 billion yuan, respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company reported a revenue of 700 million yuan for FY24, reflecting a year-on-year growth of 2.3%, while the net profit attributable to the parent company increased by 25.6% to 23 million yuan [1]. - The company has made significant progress in its product matrix, with a focus on enhancing its production capabilities across four major industrial bases [3]. - The company is expected to enter a performance realization phase, with a revised profit forecast for 2025-2027 indicating substantial growth in net profit [4]. Financial Performance - FY24 revenue is projected at 700 million yuan, with a growth rate of 2.3% [4]. - The net profit attributable to the parent company is expected to reach 49.2 million yuan in 2025, representing a growth of 117.48% [4]. - The EBITDA for FY25 is estimated at 132.86 million yuan, with a significant increase in subsequent years [4]. Business Segmentation - The revenue from colorant-related products accounted for 82% of total revenue, with a slight increase in gross margin [2]. - The specialty additives segment saw an 8% increase in revenue, contributing 17.6% to total revenue [2]. - The resin products segment experienced a remarkable growth of 360.5%, indicating strong market demand [2]. Production Capacity and Development - The company has established four major production bases, focusing on new material industries and specialty products [3]. - New production capacities in the Panjin base are expected to fill gaps in high-end photosensitive materials, supporting sectors like electronics and renewable energy [3]. Future Outlook - The company is anticipated to achieve higher growth rates as production capacity utilization improves with market expansion [2]. - The revised profit forecasts suggest a robust growth trajectory, with net profits projected to reach 293.49 million yuan by 2027 [4].