以本次披露业绩快报数据计算，公司近年市盈率（TTM）图如下所示： 市净率(LF)历史分位(%) (%) 90 83d7 80 78:03 70 60 59.27 50 40 3%3 30 20 20:37 10 0 2024-09-30 | 2025-03-30 | 2024-12-30 | 2025-06-30 | 2024-06-30 | 2025-0 公司 -○- 行业均值 制图数据来自恒生聚源数据库 为规避原材料价格波动风险，公司开展了期货套期保值业务。报告期末，部分原材料价格出现较大幅度上涨，导致公司相关期货套保业务产生投资损失及公 允价值变动损失，对本期业绩构成一定影响。 历年总营收、净利同比增长情况(%) 400 - %300 200 100 -55.44 52 75 24:77 2.05 0 20- 8.29 -100 -200 -300 -400 2023 2021 2022 2024 2025E 2020 营业总收入同比增长率 - 归母净利润同比增长率 - 扣非净利润同比增长率 制图数据来自恒生聚源数据库 总营收、净利季度变动情况(亿元) 1.8 1.5 1.2 0.9 1.398 0.6 ...

Company Overview - The company specializes in various sizes and types of copper targets, aluminum targets, molybdenum and molybdenum alloy targets, ITO targets, and TCOM targets [6] Financial Performance - The company's performance has been affected by significant increases in raw material prices, as well as the ramp-up phase of capacity from investment projects in Hefei and Ruyuan, leading to increased material costs, fixed asset depreciation, and labor expenses, resulting in a decline in gross profit margin compared to the same period last year [6] - As investment projects in Hefei and Ruyuan commence production, there has been an increase in labor costs, office expenses, and R&D investment for new product development, contributing to a rise in period expenses compared to the previous year [6] - To mitigate the risk of raw material price fluctuations, the company has engaged in futures hedging activities, but significant price increases in some raw materials at the end of the reporting period have led to investment losses and fair value changes from these hedging activities, impacting current performance [6] Profitability Metrics - Historical net profit and non-recurring net profit growth rates show fluctuations, with a notable decline in net profit growth rate in recent years [8] - The company’s net profit and non-recurring net profit have shown varying quarterly changes, indicating volatility in financial performance [8] Valuation Metrics - The company’s price-to-earnings (P/E) ratio is calculated based on total market value divided by net profit, with negative P/E ratios indicating losses, making traditional valuation methods less applicable [10] - Price-to-book (P/B) and price-to-sales (P/S) ratios are also utilized for valuation, particularly for companies with significant profit fluctuations [10]

Core Viewpoint - Guangdong Olay High-tech Materials Co., Ltd. reported a decline in revenue for 2024, with total operating income of 436.76 million yuan, a year-on-year decrease of 8.29%, which contrasts with the growth of downstream customers like BOE and Huaxing Optoelectronics [2][12]. Summary by Sections Main Business Operations - The company's main business revenue was 361.61 million yuan, accounting for 83% of total revenue, while other business income accounted for 17% [2][6]. - The revenue from sputtering targets, including copper, aluminum, molybdenum, and ITO targets, was 284.62 million yuan, with copper targets contributing 156.43 million yuan, a decrease of 8.19% year-on-year [5][6]. - The company faced a decline in sales volume and revenue across various product categories, particularly in copper, aluminum, and molybdenum targets, due to market competition and changes in customer procurement strategies [12][23]. Revenue Breakdown - The revenue breakdown for 2024 showed: - Copper targets: 156.43 million yuan (down 8.19%) - Aluminum targets: 35.78 million yuan (down 13.82%) - Molybdenum and molybdenum alloy targets: 21.07 million yuan (down 34.78%) - ITO targets: 28.22 million yuan (up 125.31%) [5][6][12]. - The company’s other business income decreased by 23.41% to 75.15 million yuan, primarily due to a drop in waste material sales [12][13]. Industry Comparison - Compared to peers, Olay's revenue decline was notable, with competitors like Jiangfeng Electronics and Aishi Chuang showing significant growth in their respective revenues [10][12]. - The differences in product offerings and market applications between Olay and its competitors contributed to the disparity in performance [10][12]. Customer Dynamics - Major customers such as BOE and Huaxing Optoelectronics reported revenue growth, while Olay's revenue declined, indicating a potential misalignment in market demand and supply [11][12]. - The company has established long-term relationships with key customers, which may provide stability despite current revenue challenges [14][15]. Future Outlook - The company plans to enhance R&D investment and explore new market applications, particularly in solar energy and semiconductor industries, to counteract the revenue decline [18][19]. - Olay aims to extend its supply chain by moving upstream into high-purity copper production, which could improve cost efficiency and stabilize supply [18][19].