KINGFA(600143) 浙商证券·2025-04-22 04:03Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is a leading player in modified plastics, with significant growth in 2024 driven by multiple business segments, including special engineering plastics, which are expected to benefit from emerging industries such as new energy vehicles, low-altitude economy, humanoid robots, and AI [3][7] - The company achieved a revenue of 60.514 billion yuan in 2024, a year-on-year increase of 26.23%, and a net profit attributable to shareholders of 0.825 billion yuan, up 160.36% year-on-year [7] - The company is expanding its production capacity and has a complete industrial chain from resin synthesis to modification applications, with new projects expected to contribute to growth in the coming years [3][9] Financial Summary - In 2024, the company reported a revenue of 60.514 billion yuan, with a year-on-year growth of 26.23%, and a net profit of 0.825 billion yuan, reflecting a significant increase of 160.36% [7][11] - For Q1 2025, the company achieved a revenue of 15.666 billion yuan, a year-on-year increase of 49.06%, and a net profit of 0.247 billion yuan, up 138.20% year-on-year [7] - The company forecasts net profits of 1.487 billion yuan, 2.037 billion yuan, and 2.552 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.56, 0.77, and 0.97 yuan [9][11]