WEIXING NBM(002372) 华龙证券·2025-04-21 09:38Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5]. Core Views - The company, Weixing New Materials (002372.SZ), reported a revenue of 6.267 billion yuan in 2024, a year-on-year decline of 1.75%, and a net profit attributable to shareholders of 953 million yuan, down 33.49% year-on-year [3][5]. - Despite facing unprecedented challenges in the plastic pipeline industry due to complex international situations and insufficient domestic demand, the company has managed to steadily increase its retail market share [5]. - The company is focusing on its core pipeline business while promoting rapid growth in waterproof and water purification segments, aiming to enhance its market presence [5]. Financial Performance Summary - In 2024, the company experienced a revenue decline of 1.75% compared to 2023, with a total revenue of 6.267 billion yuan [6]. - The net profit for 2024 was 953 million yuan, reflecting a significant decrease of 33.49% from the previous year [6]. - The company anticipates revenue growth rates of 5.09%, 5.96%, and 6.13% for the years 2025, 2026, and 2027, respectively [5][6]. - The projected net profit for 2025 is 1.036 billion yuan, with an expected increase in subsequent years [6]. Valuation Metrics - The current price of the company's stock is 12.30 yuan, with a market capitalization of approximately 19.58 billion yuan [3]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 18.9, 16.6, and 14.9, respectively [5][6]. - The average P/E ratio for comparable companies in 2025 is estimated at 27.7 [5].