凯盛科技：新项目陆续投产，期待成长兑现-20250330

Investment Rating - The investment rating for the company is "Buy" with a target price of 16.59 RMB [8][9]. Core Views - The company reported a revenue of 489 million RMB and a net profit attributable to the parent company of 14 million RMB for 2024, showing a year-on-year change of -2.3% and +30.8% respectively. The Q4 results showed a revenue of 132 million RMB and a net profit of 3 million RMB, with year-on-year growth of +7.4% and +154.6% [1]. - The company is optimistic about the growth potential of its UTG and high-purity quartz sand products, as new products have entered the stage of large-scale introduction [1]. - The company has successfully built and trialed new production lines for UTG and high-purity synthetic quartz sand, which are expected to drive new growth [4]. - The company has improved its cash flow significantly, with operating cash flow reaching 140 million RMB, a year-on-year increase of 8.2% [3]. Summary by Sections Financial Performance - For 2024, the company achieved revenues of 352 million RMB from display materials and 116 million RMB from application materials, with year-on-year changes of +7.7% and -26.6% respectively. The gross margin for display materials was 17.4%, an increase of 6.2 percentage points year-on-year [2]. - The company’s main subsidiaries reported varying net profits, with notable improvement in Guoxian Technology, which saw a 151.1% increase in net profit [2]. Research and Development - The company’s R&D expense ratio increased to 6.0%, reflecting higher investment in new product development [3]. Growth Projections - The company expects net profits attributable to the parent company to reach 270 million RMB, 330 million RMB, and 380 million RMB for 2025, 2026, and 2027 respectively, indicating a significant upward revision in profit forecasts [5]. - The target price of 16.59 RMB is based on a PEG ratio of 1.3 for 2025, reflecting confidence in the company’s long-term growth potential [5]. Market Position - The company has established itself as a core supplier for major end customers in the flexible cover glass market, particularly for foldable smartphones [4].