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].