Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported better-than-expected performance for Q4 2024, with a projected net profit of 27.26-47.26 million yuan, representing a year-on-year growth of 54.0-166.9% [7]. - The growth in honeycomb core materials continues, driven by rapid developments in aerospace and rail transportation, with a projected increase of over 60% in the domestic honeycomb core materials sector for the first three quarters of 2024 [7]. - The company is expected to achieve significant growth in the traditional electrical insulation sector due to the upgrade of power grids in Europe and the U.S., which will increase demand for transformers and, consequently, for aramid paper [7]. Financial Data and Profit Forecast - Total revenue is projected to grow from 340 million yuan in 2023 to 660 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 25.4% [6][9]. - The net profit attributable to the parent company is expected to increase from 82 million yuan in 2023 to 174 million yuan in 2026, reflecting a CAGR of about 30.0% [6][9]. - The company's gross margin is anticipated to improve from 34.0% in 2023 to 41.8% in 2026, indicating enhanced operational efficiency [6][9].
民士达：24Q4业绩超预期，蜂窝持续高增，绝缘替代升级