HIUV(688680) 东吴证券·2025-04-23 03:36Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's profitability in the film segment is under pressure in 2024, but the automotive materials segment is expected to gradually ramp up and become a new growth engine in 2025 [1][8] - The company reported a significant decline in revenue and net profit for 2024, with total revenue expected to be 2.591 billion yuan, down 46.81% year-on-year, and a net loss of 558.44 million yuan, a 144.31% decline year-on-year [1][8] - The company is focusing on the automotive dimming film market, having established a dedicated team and achieved technological breakthroughs, with plans for further expansion in 2025 [1][8] Financial Performance Summary - For 2024, the company is projected to have total revenue of 2.591 billion yuan, a decrease of 46.81% year-on-year, and a net loss of 558.44 million yuan, a decline of 144.31% year-on-year [1][9] - The gross margin for 2024 is expected to be -0.44%, down 3.8 percentage points year-on-year [8] - The company anticipates a recovery in 2025, with a projected net profit of -94.83 million yuan, representing an 83.02% increase year-on-year [1][9] Market and Operational Insights - The company expects to ship approximately 4 billion square meters of film in 2024, with a significant drop in shipments in Q1 2025 due to market conditions [8] - The automotive dimming film segment is expected to contribute to revenue growth, with initial deliveries planned for Q2 2025 [1][8] - The company has reduced its inventory by 21% compared to the end of 2024, indicating improved operational efficiency [8][9]