Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][12]. Core Views - The company achieved a revenue of 1.281 billion yuan in 2024, representing a year-on-year growth of 15.57%. The net profit attributable to shareholders was 213 million yuan, up 13.94% year-on-year, with a non-recurring net profit of 193 million yuan, increasing by 21.92% [1][2]. - The company is expected to continue benefiting from strong demand in emerging sectors, with projected net profits for Q1 2025 estimated between 52 million to 65 million yuan, reflecting a year-on-year growth of 4.57% to 30.71% [1][2]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 385 million yuan, a quarter-on-quarter increase of 27.45% and a year-on-year increase of 17.83%. The net profit for the same quarter was 57 million yuan, up 30% quarter-on-quarter and 40.45% year-on-year [1][2]. - The main business of tantalum and niobium generated an operating profit of approximately 151 million yuan in 2024, a year-on-year increase of about 57% [2]. Capacity Expansion and Demand - The company is set to benefit from the completion of key investment projects, including the production lines for tantalum and niobium products, which are expected to contribute to increased capacity and revenue [2]. - The demand for tantalum powder and wire is recovering due to the resurgence in consumer electronics and strong orders from high-temperature alloys, semiconductors, and superconducting sectors [2]. Dividend and Shareholder Returns - The company has demonstrated confidence in its operations by distributing cash dividends totaling 66.65 million yuan for 2024, which accounts for 31.26% of the net profit attributable to shareholders [3]. Future Projections - The company is projected to achieve net profits of 308 million yuan, 413 million yuan, and 530 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 24, 18, and 14 [3][5].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative increase of over 15% compared to the benchmark index [6][12]. Core Views - The company achieved a revenue of 1.281 billion yuan in 2024, representing a year-on-year growth of 15.57%. The net profit attributable to shareholders was 213 million yuan, up 13.94% year-on-year, with a non-recurring net profit of 193 million yuan, increasing by 21.92% [1][2]. - The company anticipates a net profit of 52 to 65 million yuan for Q1 2025, reflecting a year-on-year growth of 4.57% to 30.71% [1]. - The company is experiencing robust growth in its tantalum and niobium business, with operating profit estimated at 151 million yuan in 2024, a significant increase of approximately 57% year-on-year [2]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 385 million yuan, a quarter-on-quarter increase of 27.45% and a year-on-year increase of 17.83%. The net profit for the same quarter was 57 million yuan, up 30% quarter-on-quarter and 40.45% year-on-year [1][2]. - The company plans to distribute a total cash dividend of 66.65 million yuan for 2024, which constitutes 31.26% of the net profit attributable to shareholders [3]. Business Expansion and Demand - The company is expanding its production capacity, with key projects such as the tantalum and niobium strip products and the production line for niobium superconducting cavities nearing completion. This expansion is expected to contribute to revenue growth [2]. - The demand for tantalum and niobium products is on the rise, driven by recovery in consumer electronics and strong orders from emerging sectors such as high-temperature alloys and semiconductors [2]. Future Outlook - The company forecasts net profits of 308 million yuan, 413 million yuan, and 530 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 24, 18, and 14 [5][10].