Investment Rating - The investment rating for the company is "Accumulate" [2][5] - The previous rating was also "Accumulate" [2] Core Views - The company's net profit attributable to shareholders decreased by 47.45% year-on-year in 2024, with revenue dropping by 7.52% [10] - The price increase of EVA particles is expected to boost the company's performance, and new production facilities coming online in 2025 will provide additional momentum [5][10] - The company maintains an "Accumulate" rating due to anticipated profit improvements from new capacity and product launches [7] Financial Summary - The company reported a total revenue of RMB 6,268 million in 2024, down from RMB 6,778 million in 2023, reflecting a decline of 7.52% [11] - The net profit attributable to shareholders for 2024 was RMB 234 million, a decrease of 47.45% compared to RMB 446 million in 2023 [11] - The projected earnings per share (EPS) for 2025 is RMB 0.24, down from the previous estimate of RMB 0.37, with a corresponding price-to-earnings (P/E) ratio of 56.7 [7][9] - The company expects to achieve a revenue of RMB 6,679 million in 2025, with a growth rate of 6.6% [9] Production and Capacity Expansion - In 2025, the company plans to launch multiple new production facilities, including 200,000 tons of EVA particles and 100,000 tons/year of POE particles [10] - The company has successfully developed new materials for solid-state batteries and is progressing with the production of silicon-carbon anode binders [10] Market Performance - The company's stock has shown a relative performance of 7.2% against the Shenzhen Composite Index year-to-date [3] - The market capitalization of the company is approximately RMB 18,030.17 million [4]