Core Viewpoint - The company has shown significant growth in revenue and net profit, driven primarily by its semiconductor business, which is expected to maintain high growth in the coming years [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.338 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 521 million yuan, a year-on-year increase of 134.54% [1]. - In Q1 2025, the company reported revenue of 824 million yuan, a year-on-year increase of 16.37%, and a net profit attributable to shareholders of 141 million yuan, a year-on-year increase of 72.84% [1]. Semiconductor Business Growth - The semiconductor segment has driven the company's revenue and profitability, with sales from CMP polishing pads, CMP polishing liquids, and semiconductor display materials reaching 716 million yuan, 215 million yuan, and 402 million yuan in 2024, reflecting year-on-year growth rates of 71.51%, 178.89%, and 131.12% respectively [2]. - In Q1 2025, the same segments reported sales of 220 million yuan, 55 million yuan, and 130 million yuan, with year-on-year growth rates of 63.14%, 53.64%, and 85.61% respectively [2]. - The semiconductor business is expected to continue high growth in 2025 due to increased orders and new product validations [2]. Profitability and Margins - The company's overall gross margin improved to 46.88% in 2024 and 48.82% in Q1 2025, representing increases of 9.93 percentage points and 4.56 percentage points year-on-year, respectively [2]. Future Growth Prospects - The company is advancing new businesses such as high-end wafer photoresists and advanced semiconductor packaging materials, which are expected to contribute to growth in 2025 [2]. - The company plans to raise 910 million yuan through convertible bonds to fund projects related to KrF/ArF photoresist production and the localization of key raw materials for optoelectronic semiconductor materials [3]. - The company is positioned as a leader in the domestic semiconductor materials market, with significant growth potential driven by its technological and production capabilities [3]. Earnings Forecast - The company is projected to achieve net profits of 714 million yuan, 917 million yuan, and 1.186 billion yuan for the years 2025, 2026, and 2027, corresponding to price-to-earnings ratios of 39x, 30x, and 24x, respectively [3].

业绩简评 2025 年 4 月 28 日，公司公布 2024 年报和 2025 年一季报。2024 年全年，公司实现营收 33.38 亿元，同比+25.14%；实现归母净利 润 5.21 亿元，同比+134.54%。2024 年四季度单季，公司实现营收 9.12 亿元，同比+14.76%；实现归母净利润 1.44 亿元，同比 +215.57%。2025 年一季度，公司实现营收 8.24 亿元，同比+16.37%； 实现归母净利润 1.41 亿元，同比+72.84%。 经营分析 半导体材料业务驱动业绩增长，降本控费提升运营效率。2024 年， 公司半导体板块业务实现收入 15.2 亿元，同比+77.40%，占公司 总营收比例持续提升。根据公司公告，公司的 CMP 抛光材料、半 导体显示材料产品已在国内主流晶圆厂、面板厂客户规模放量， 市场渗透率持续提升，部分产品已取得国内龙头或销售领先的地 位。公司前期孵化的半导体先进封装材料及高端晶圆光刻胶业务 均已取得销售收入，未来有望贡献利润。公司结合业务实际、寻 找降本点并持续跟进，销售、管理费用通过精细化管控实现优化， 2024 年期间费用率下降至 26.26%，其中 ...