ANLI(300218) 开源证券·2025-04-16 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant growth in 2024, with a projected revenue of 2.403 billion yuan, representing a year-on-year increase of 20.12%. The net profit attributable to shareholders is forecasted to reach 194 million yuan, a substantial increase of 174.19% year-on-year [4][5] - The company is positioned as a leader in the PU leather industry and is anticipated to benefit from increased market share with major footwear clients, as well as growing demand from new sectors such as electric vehicles and electronics [4][6] Financial Summary - In 2024, the company achieved a revenue of 2.403 billion yuan, up 20.12% year-on-year, and a net profit of 194 million yuan, up 174.19% year-on-year. The fourth quarter revenue was 601 million yuan, reflecting a year-on-year increase of 5.62% [4][5] - The company’s PU leather sales volume reached 66.9 million meters in 2024, a year-on-year increase of 9.42%, with an average selling price of 35.3 yuan per meter, up 9.85% year-on-year [5] - The company’s R&D investment for 2024 was 138 million yuan, accounting for 5.73% of revenue, indicating a commitment to product innovation [5] Future Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 276 million yuan, 347 million yuan, and 407 million yuan, respectively, with corresponding EPS of 1.27 yuan, 1.60 yuan, and 1.88 yuan [4][8] - The current stock price corresponds to a PE ratio of 10.8 for 2025, 8.6 for 2026, and 7.3 for 2027, suggesting potential for price appreciation [4][8]