AT&M(000969) 国海证券·2025-04-22 12:32Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company is focusing on its core business by divesting its stake in Antai Environment, leading to stable profit growth in 2024. It is projected to achieve a revenue of 7.573 billion yuan, a decrease of 7.50% year-on-year, while the net profit attributable to shareholders is expected to rise by 49.26% to 372 million yuan [2][9]. - The company has shown strong growth in its amorphous materials segment, with new contract amounts exceeding 1.17 billion yuan, a year-on-year increase of 33% [7]. Financial Performance - In 2024, the company reported a revenue of 7.573 billion yuan, with a net profit of 372 million yuan, reflecting a significant increase of 49.26% year-on-year. The gross profit margin was 17.54%, slightly down by 0.02 percentage points [2][11]. - The fourth quarter of 2024 saw a revenue of 1.720 billion yuan, a decline of 19.74% year-on-year, and a net profit of 32 million yuan, down 40.22% year-on-year [3]. - The advanced functional materials and devices segment generated 2.803 billion yuan in revenue, a decrease of 9.89% year-on-year, while the powder metallurgy materials segment saw a revenue increase of 3.97% to 2.962 billion yuan [4]. Product Segment Performance - The advanced functional materials and devices segment had a gross margin of 17.12%, while the powder metallurgy materials segment improved its gross margin to 20.06%, an increase of 1.99 percentage points [4]. - The environmental and high-end technology services segment experienced a significant revenue drop of 75.81% to 158 million yuan, primarily due to the divestiture of Antai Environment [4]. Future Projections - The company is expected to achieve revenues of 8.542 billion yuan, 9.746 billion yuan, and 10.764 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 343 million yuan, 424 million yuan, and 495 million yuan [9][11]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 35, 28, and 24 times, respectively [9].