Sinocat(SH:688737) EBSCN·2025-04-17 06:45Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company's catalyst business is expected to benefit from the implementation of the National VII standards, while the high-end composite materials business is anticipated to become a new growth driver [1][49]. - The company has established a three-pronged business matrix focusing on environmental catalysts, energy storage, and high-performance composite materials, with high-end composites being a strategic direction for future development [1][54]. Summary by Sections Catalyst Business - The company is a leading domestic manufacturer of exhaust treatment catalysts, having achieved the localization of National VI automotive treatment agents. The implementation of National VII standards will align China's vehicle emission standards with international levels, leading to stricter emission controls and market expansion opportunities [1][49]. - The company has developed a comprehensive product system for various vehicle types, including gasoline, diesel, and natural gas vehicles, and is actively expanding into hydrogen fuel cell catalysts [49][53]. High-End Composite Materials - The performance advantages of carbon fiber composites are significant, with applications in both military and civilian aircraft. The demand for military aircraft is expected to grow, and the civil aviation sector is entering a trillion-yuan market [2][24]. - The company has initiated the construction of a composite structure project in Chengdu, with planned annual production capacities of 1 million square meters of prepreg, 80 tons of aerospace composite materials, and 10,000 assembled aerospace composite parts [2][55]. Financial Forecast and Valuation - The company is projected to have a net profit of -27 million yuan in 2024, followed by 57 million yuan in 2025 and 238 million yuan in 2026. The report maintains these profit forecasts and the "Buy" rating [3][58]. - Revenue is expected to grow significantly from 447 million yuan in 2022 to 3.143 billion yuan in 2026, reflecting a compound annual growth rate driven by the catalyst and composite materials businesses [4][60].