First(603806) 新浪财经·2025-04-14 00:28Core Insights - The company reported a revenue of 19.147 billion yuan for 2024, a year-on-year decrease of 15.23%, and a net profit attributable to shareholders of 1.308 billion yuan, down 29.33% year-on-year [1] - The company maintained a leading position in the adhesive film market with a global market share of approximately 50%, achieving a shipment of 2.81 billion square meters in 2024, a year-on-year increase of 25% [2] - The operating cash flow for 2024 was 4.389 billion yuan, showing significant improvement, with a cash dividend of 680 million yuan, representing 51.82% of the net profit attributable to shareholders [3] Financial Performance - In Q4 2024, the company achieved a revenue of 3.973 billion yuan, a year-on-year decline of 33.10%, and a net profit of 50 million yuan, down 88.18% year-on-year [1] - The gross profit margin for 2024 was 14.74%, an increase of 0.10 percentage points year-on-year, while the net profit margin was 6.83%, a decrease of 1.36 percentage points year-on-year [1] Business Segments - The electronic materials segment saw significant growth, with shipments of photosensitive dry film reaching 159 million square meters in 2024, a year-on-year increase of 38% [2] - The company is expanding its overseas production capacity to meet the specific requirements of photovoltaic components and related materials in the US and Europe, ensuring its leading market share [2] Cash Flow and Dividends - The net operating cash flow for 2024 was 4.389 billion yuan, with Q4 contributing 1.6 billion yuan, attributed to improved collection of receivables and reduced procurement costs [3] - The company’s dividend payout ratio reached a historical high, reflecting its commitment to returning value to shareholders [3] Investment Outlook - The company is expected to maintain its leading position in the photovoltaic adhesive film market and continue to see growth in its electronic materials business [3] - Profit forecasts for 2025-2027 have been adjusted, with expected net profits of 1.680 billion yuan, 2.171 billion yuan, and 2.717 billion yuan respectively [3]