Cathay Biotech (688065) 申万宏源·2025-03-02 14:02Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's long-chain dicarboxylic acid business is continuously recovering, and significant progress has been made in promoting the application of bio-based polyamide composites [1][8] - The company reported a substantial year-on-year revenue growth of 40% for 2024, driven by the recovery in demand for long-chain dicarboxylic acids, particularly the new product, decanedioic acid [8] - The company is actively expanding its bio-based materials ecosystem in collaboration with industry chain clients, with notable advancements in the promotion of bio-based polyamide composite materials [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 2,114 million, with a year-on-year decrease of 13.4%, while 2024 revenue is expected to rise to 2,956 million, reflecting a growth rate of 39.8% [7] - The net profit attributable to the parent company for 2024 is forecasted at 487 million, representing a year-on-year increase of 32.9% [7] - The company anticipates a significant increase in net profit to 698 million in 2025, with a projected growth rate of 43.3% [7][8]