First(603806) 中原证券·2025-04-16 10:58Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27] Core Views - The company's performance in 2024 was impacted by a decline in revenue and net profit due to oversupply in the photovoltaic industry, but the sales of new materials such as photosensitive dry film and aluminum-plastic film showed growth, partially offsetting the decline in photovoltaic business [10][13] - The company maintains a strong position in the photovoltaic film market with a global market share of around 50%, despite a decrease in sales price and revenue [10][11] - The company is expanding its overseas production capacity in Thailand and Vietnam to mitigate international trade risks and ensure sales in foreign markets [10] - The electronic materials and functional film materials business is expected to benefit from rapid growth in emerging fields such as electronic circuits and lithium battery materials, creating new growth opportunities [13] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 19.147 billion yuan, a decrease of 15.23% year-on-year, and a net profit attributable to shareholders of 1.308 billion yuan, down 29.33% year-on-year [7] - The gross profit margin for sales was 14.74%, an increase of 0.1 percentage points year-on-year, while the net profit margin was 6.73%, a decrease of 1.46 percentage points year-on-year [10] - The operating cash flow significantly improved, with a net cash flow from operating activities of 4.389 billion yuan, a substantial increase compared to the previous year [10] Business Segments - The photovoltaic film segment saw a sales volume of 2.811 billion square meters, an increase of 24.98% year-on-year, but revenue decreased by 14.54% due to a drop in sales price [10] - The sales price of photovoltaic film was 6.23 yuan per square meter, down 31.62% year-on-year, while the unit cost was 5.31 yuan per square meter, down 31.71% year-on-year [10] - The photovoltaic backplane segment experienced a revenue decline of 54.26% year-on-year, with a sales volume decrease of 33.50% [11] Future Outlook - The company is expected to see net profits of 1.508 billion yuan, 1.811 billion yuan, and 2.119 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding diluted EPS of 0.58 yuan, 0.69 yuan, and 0.81 yuan [12][13] - The company is positioned to benefit from the recovery of the photovoltaic industry and the growth of its new materials business, which is anticipated to enter a phase of increased sales volume [13]