Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 28.46 yuan [2] Core Views - The company reported a revenue of 408 million yuan for 2024, representing a year-on-year growth of 19.82%, and a net profit attributable to the parent company of 101 million yuan, up 23.14% year-on-year [5][8] - The company is experiencing strong growth in high-end product categories, particularly in the honeycomb core material sector, which saw over 50% growth year-on-year [8] - The company is targeting three key growth areas: new energy, low-altitude economy, and aerospace, which are expected to drive demand for its aramid paper products [8] - The company maintains a positive long-term growth outlook, with projected net profits of 134 million, 162 million, and 199 million yuan for 2025, 2026, and 2027, respectively [8] Financial Summary - Total revenue is forecasted to grow from 340.47 million yuan in 2023 to 775.39 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.46% [7] - The net profit attributable to the parent company is expected to increase from 81.63 million yuan in 2023 to 198.92 million yuan in 2027, reflecting a CAGR of about 23.06% [7] - The company's return on equity (ROE) is projected to improve from 12.10% in 2023 to 15.92% in 2027 [7] - The earnings per share (EPS) is expected to rise from 0.56 yuan in 2023 to 1.36 yuan in 2027 [7] Market Performance - The company's stock has shown strong relative performance, with a 12-month relative return of 28.83% compared to the North China 50 index [4] - The stock price has fluctuated between a high of 31.88 yuan and a low of 11.00 yuan over the past 12 months [2]
民士达（833394）：业绩符合预期，高端品类持续放量