Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company achieved a revenue of 656 million yuan in 2024, representing a year-on-year increase of 51.1%, driven by rising demand from major North American clients [5] - The company is actively expanding its product and customer base, with new business initiatives in thermal management materials, magnetic materials, and nano-protective materials [5] - The forecasted growth rates for the company's net profit from 2025 to 2027 are 40.9%, 47.7%, and 38.8%, respectively, due to industry expansion and entry into the North American supply chain [5] Financial Performance - In 2024, the company reported a net profit of 52 million yuan, a decrease of 3.88% year-on-year, primarily due to losses from certain subsidiaries [5] - The company's revenue growth in 2024 was notable, with thermal management materials generating 609 million yuan (up 49.62%), magnetic materials 3 million yuan (up 56.62%), and nano-protective materials 10 million yuan (up 65.47%) [5] - The company's diluted earnings per share (EPS) for 2024 is projected at 0.91 yuan, with a forecasted EPS of 1.28 yuan for 2025 [4][6] Market Data - As of April 17, 2025, the company's closing price was 57.20 yuan, with a market capitalization of 32.99 billion yuan [3] - The company's circulating A-shares account for 34% of the total share capital, with a circulating A-share market value of 19.45 billion yuan [3] Valuation Metrics - The company's price-to-earnings (P/E) ratio is projected to decrease from 62.9 in 2024 to 21.8 by 2027, indicating an improving valuation as earnings grow [4][6] - The projected return on equity (ROE) is expected to rise from 4.7% in 2024 to 11.1% in 2027, reflecting enhanced profitability [4][6]
思泉新材：24年营收增速表现亮眼，北美大客户合作持续深化-20250418