Core Viewpoint - The company, Yingke Recycling (688087), reported strong financial performance for 2024 and Q1 2025, driven by innovative product development and effective market expansion strategies, highlighting its robust position in the renewable plastic sector [2][8]. Financial Performance - In 2024, the company achieved a revenue of 2,923,741,174.25 CNY, a year-on-year increase of 19.09%, and a net profit of 307,319,470.37 CNY, up 57.07% from the previous year [2]. - For Q1 2025, the company reported a revenue of 792,651,181.88 CNY, representing a 25.19% year-on-year growth, with a net profit of 72,320,392.25 CNY [8]. Product Revenue Breakdown - In 2024, the revenue from the main products included: - Finished frames: 1.312 billion CNY, up 24.37% - Decorative building materials: 916 million CNY, up 31.55% - Particles: 309 million CNY - PET products: 341 million CNY - Environmental equipment: 33 million CNY - High-value home consumer products accounted for over 75% of total revenue, with a gross margin of approximately 30% [3]. Operational Highlights - The company's Vietnam factory has been a significant contributor to its growth, with the first phase fully operational and the second phase under construction, enhancing production resilience amid trade uncertainties [4]. - The company has expanded its sales channels by developing overseas retail stores and participating in international exhibitions, while also leveraging digital marketing strategies [5]. Sustainability Initiatives - The company reduced its carbon footprint by 299,171.53 tons of CO2e in 2024 through global plastic recycling efforts and is implementing green energy technologies, including solar power systems [7]. - It is committed to a comprehensive green development approach across all operational aspects, aiming for a low-carbon and efficient industry chain [7]. Related Transactions - In 2024, the company reported related party transactions amounting to 3.94 million CNY, primarily involving procurement and service agreements, which are deemed necessary for business operations [9]. Market Position and Future Outlook - The company's core business demonstrates strong resilience and sustainability, providing a solid foundation for long-term growth as it continues to expand its global market presence [8].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 26.61 RMB [6][7]. Core Insights - The company reported a revenue of 2.924 billion RMB in 2024, representing a year-on-year increase of 19.09%, and a net profit of 307.32 million RMB, up 57.07% year-on-year, exceeding expectations primarily due to lower financial costs [1][4]. - The company's Vietnam project achieved full production and sales in 2024, contributing significantly to revenue growth, with plans for a second phase expected to enhance future performance [3][4]. - The report highlights rapid revenue growth in decorative building materials and PET products, with a focus on improving the gross margin of PET products, which currently stands at 3.15% [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.924 billion RMB, a 19.09% increase from the previous year, and a net profit of 307.32 million RMB, reflecting a 57.07% increase [5]. - The first quarter of 2025 saw revenues of 793 million RMB, a 25.19% year-on-year increase, with a net profit of 72.32 million RMB, showing a marginal increase of 0.02% [1]. Revenue Breakdown - The revenue from decorative building materials grew by 31.55% year-on-year, while PET products saw a 30.62% increase. However, the gross margin for PET products remains low at 3.15% [2][4]. - The company plans to enhance its recycling network and optimize production processes to improve the gross margin of PET products in the future [2]. Project Developments - The Vietnam project generated 298 million RMB in revenue in 2024, marking a 109.78% increase year-on-year, with net profit rising by 71.75% to 31.04 million RMB [3]. - The company announced an investment of approximately 60 million USD for the second phase of the Vietnam project, which is expected to be completed in 24 months and will significantly increase production capacity [3]. Valuation Metrics - The report projects a net profit of 311.40 million RMB for 2025, with an expected EPS of 1.66 RMB. The target price is based on a PE ratio of 16.0x for 2025 [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue growth of 57% in 2024, driven by strong growth in high-value utilization products, with the revenue from finished frames and decorative building materials increasing to 76% of total revenue [7] - The company has a robust global layout and is a pioneer in the recycled plastic industry, focusing on high-value end products and expanding its product categories [7] - The earnings forecast for 2025-2026 has been revised upwards, with net profit estimates increased to 3.86 billion and 4.58 billion respectively, and a projected net profit of 5.41 billion for 2027 [7] Financial Performance Summary - For 2024, total revenue is projected at 29.24 billion yuan, with a year-on-year growth of 19.09%, and a net profit of 3.07 billion yuan, reflecting a 57.07% increase [7] - The sales gross margin for 2024 is expected to be 24.80%, with a net profit margin of 10.51% [7] - The company’s operating cash flow is anticipated to significantly increase, with a net cash flow from operating activities of 956.13 million yuan in Q1 2025, representing a 44.46% increase [7] Product and Market Insights - The revenue from finished frames reached 1.31 billion yuan in 2024, with a 24.37% increase, while decorative building materials revenue grew by 31.55% to 916 million yuan [7] - The company is actively developing new products and expanding marketing channels, which is expected to contribute to steady revenue growth [7] - The company has established a recycling system for bottles and bricks, improving production processes and global marketing channels, which is expected to enhance product gross margins [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 2.924 billion yuan in 2024, representing a year-on-year growth of 19.09%, and a net profit attributable to shareholders of 307.32 million yuan, which is a 57.07% increase [7] - The revenue from high-value utilization products, including finished frames and decorative building materials, increased to 76% of total revenue in 2024 [7] - The company is focusing on expanding its product categories and enhancing its marketing channels, which has led to steady revenue growth [7] Financial Performance Summary - **Revenue Forecasts**: - 2023A: 2.455 billion yuan - 2024A: 2.924 billion yuan (19.09% YoY) - 2025E: 3.393 billion yuan (16.03% YoY) - 2026E: 4.166 billion yuan (22.80% YoY) - 2027E: 4.948 billion yuan (18.76% YoY) [1][8] - **Net Profit Forecasts**: - 2023A: 195.65 million yuan - 2024A: 307.32 million yuan (57.07% YoY) - 2025E: 386.09 million yuan (25.63% YoY) - 2026E: 458.22 million yuan (18.68% YoY) - 2027E: 540.77 million yuan (18.02% YoY) [1][8] - **Earnings Per Share (EPS)**: - 2023A: 1.05 yuan - 2024A: 1.64 yuan - 2025E: 2.06 yuan - 2026E: 2.45 yuan - 2027E: 2.89 yuan [1][8] - **Price-to-Earnings (P/E) Ratios**: - 2024A: 14.36 - 2025E: 11.43 - 2026E: 9.63 - 2027E: 8.16 [1][8] Product and Market Insights - The company has strengthened its competitive edge in high-value utilization products, with finished frames generating 1.312 billion yuan in revenue, a 24.37% increase [7] - The decorative building materials segment saw a revenue increase of 31.55%, contributing 9.16 billion yuan [7] - The company is expanding its rPET production capacity, with 50,000 tons/year already operational and an additional 100,000 tons/year under construction [7]

证券代码：603681 证券简称：永冠新材 公告编号：2025-031 转债代码：113653 转债简称：永22转债 上海永冠众诚新材料科技（集团）股份有限公司 2024 年第四季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十 三号——化工》的要求，现将上海永冠众诚新材料科技（集团）股份有限公司（以 下简称"公司"）2024 年第四季度主要经营数据披露如下（均不含税）： 注 1：为更好地反映公司的经营情况，加强与市场、投资者的沟通，公司自 2024 年第四季度开始对公司产 品的披露大类作了重分类调整，从原按基材等分类调整到按应用领域分类； 注 2：车规级胶膜新材料、工业级胶粘新材料、可降解新材料产量、销量计量单位为万平方米；民用消费 级胶粘新材料按市场习惯，产量、销量计量单位分二类，分别为万平方米、万千克； 注 3：民用消费级胶粘新材料（万千克）产销率低系 OPP 膜等存在部分自用再加工成 OPP 胶带出售所致。 1 主要产品 2024 ...