Cathay Biotech (688065) 华安证券·2025-03-13 06:59Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of 2.956 billion yuan, a year-on-year increase of 39.84%, and a net profit of 487 million yuan, up 32.80% year-on-year [6] - The collaboration with Ningde Times marks a key milestone in commercializing bio-based polyamide materials, enhancing market penetration in the new energy sector [7] - The long-term growth path is clear, supported by technological advantages and policy incentives, particularly in the context of carbon neutrality goals [8] Summary by Sections Financial Performance - In 2024, the company anticipates a total revenue of 2.956 billion yuan and a net profit of 487 million yuan, with a basic earnings per share of 0.84 yuan [5][6] - The fourth quarter of 2024 is projected to generate revenue of 741 million yuan, a year-on-year increase of 35.12%, and a net profit of 142 million yuan, up 168.91% year-on-year [6] Business Development - The demand for long-chain dicarboxylic acids is recovering, and the new product, dodecanedioic acid, is expected to drive significant growth in production and sales [6] - The establishment of a joint venture with Ningde Times focuses on the development and production of bio-based composite materials, marking a significant step in the commercialization of these materials [7] Market Outlook - The company is positioned to benefit from the increasing penetration of new energy vehicles and the growing demand for bio-based materials in various sectors [8] - The global implementation of carbon tariffs and the inclusion of bio-based polyamide in strategic material lists in China are expected to enhance the company's competitive advantage [9]