Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 10.02 billion yuan for 2024, representing a year-on-year increase of 9.9%. The net profit attributable to shareholders was 870 million yuan, also up by 9.9%. The net profit after deducting non-recurring gains and losses was 830 million yuan, reflecting a year-on-year growth of 12.7% [4][8]. - In Q4 alone, the company achieved a revenue of 2.87 billion yuan, which is an 18.1% increase year-on-year and a 13.6% increase quarter-on-quarter. The net profit for Q4 was 290 million yuan, down 6.6% year-on-year but up 15.2% quarter-on-quarter [4][8]. - The company plans to distribute a cash dividend of 4.5 billion yuan, proposing a payout of 5.5 yuan per 10 shares [4][8]. - For Q1 2025, the company forecasts a net profit attributable to shareholders between 200 million and 215 million yuan, indicating a year-on-year increase of 45.6% to 56.5% [4][8]. Summary by Sections Financial Performance - In 2024, the company's synthetic resin products, advanced electronic materials, and biomass products generated revenues of 5.34 billion yuan, 1.24 billion yuan, and 960 million yuan, respectively, with year-on-year growth rates of 4.3%, 4.7%, and 11.7% [8]. - The total sales volume for these products was 696,000 tons, 69,000 tons, and 217,000 tons, with respective year-on-year increases of 8.9%, 1.1%, and 23.6% [8]. - The gross profit margins for these segments were 20.7%, 27.4%, and 14.3%, with slight changes year-on-year [8]. Business Segments - The company’s two main businesses, phenolic resin and casting materials, showed stable growth in market share. In 2024, phenolic resin sales reached 529,000 tons, up 8.4% year-on-year, while casting resin sales were 174,000 tons, up 10.4% [8]. - The company is focusing on expanding its advanced electronic materials segment, particularly in high-frequency and high-speed resins, to meet the growing demand driven by AI server performance upgrades [8]. Future Outlook - The company is expected to see significant performance contributions from its PPO, porous carbon, and biomass projects as they reach full production capacity. Forecasted net profits for 2025 to 2027 are 1.27 billion yuan, 1.57 billion yuan, and 1.99 billion yuan, respectively [8].

Core Viewpoint - The company reported a revenue of 10.02 billion yuan for 2024, reflecting a year-on-year increase of 9.9%, and a net profit attributable to shareholders of 870 million yuan, also up by 9.9% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 2.87 billion yuan, representing a year-on-year increase of 18.1% and a quarter-on-quarter increase of 13.6% [1] - The net profit for Q4 was 290 million yuan, down 6.6% year-on-year but up 15.2% quarter-on-quarter [1] - The company plans to distribute a cash dividend of 4.5 billion yuan, with a proposed payout of 5.5 yuan per 10 shares [1] - For Q1 2025, the company expects a net profit attributable to shareholders between 200 million and 215 million yuan, indicating a year-on-year increase of 45.6% to 56.5% [1] Product Performance - In 2024, the company’s synthetic resin products generated revenue of 5.34 billion yuan, advanced electronic materials 1.24 billion yuan, and biomass products 960 million yuan, with respective year-on-year growth rates of 4.3%, 4.7%, and 11.7% [2] - The sales volume for synthetic resin products was 696,000 tons, advanced electronic materials 69,000 tons, and biomass products 217,000 tons, with year-on-year growth rates of 8.9%, 1.1%, and 23.6% [2] - The gross profit margins for these segments were 20.7%, 27.4%, and 14.3%, with year-on-year changes of 0.0 percentage points, 1.4 percentage points, and 8.8 percentage points respectively [2] Market Position and Strategy - The company’s phenolic resin product sales reached 529,000 tons in 2024, up 8.4% year-on-year, while casting resin product sales were 174,000 tons, up 10.4% year-on-year [3] - The company is focusing on developing new applications and expanding into new fields to increase revenue, sales, and market share in the phenolic resin sector [3] - In the casting materials sector, the company is leveraging a full industry chain approach to address overcapacity issues and is targeting key sectors such as new energy vehicles and aerospace [3] Innovations and Future Growth - The company is accelerating the production of high-value-added products in advanced electronic materials, with new production lines for PPO and hydrocarbon resins coming online [4] - The company is also advancing its battery materials business, focusing on the development of silicon-carbon and hard carbon negative materials [4] - The Daqing biomass project resumed production in June 2024 and is expected to achieve a balance between production and sales by the end of the year [4] Growth Outlook - The company is positioned as a leader in synthetic resins, with stable profit contributions from electronic chemicals and biomass chemicals, which are expected to open up growth opportunities [5] - The expected performance for 2025 to 2027 is projected to be 1.27 billion, 1.57 billion, and 1.99 billion yuan respectively [5]