Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company has turned losses into profits, with strong momentum in overseas business development [1] - The 2024 net profit attributable to the parent company is expected to increase by 262.69%, in line with expectations, while the operating revenue is projected to grow by 12.88% [6] - The company is exploring new growth avenues in emerging sectors, indicating a positive outlook for future development [6] Financial Data and Profit Forecast - Total operating revenue is projected to reach 2,238 million in 2023, increasing to 3,156 million by 2025, reflecting a growth rate of 24.9% [5][8] - The net profit attributable to the parent company is expected to recover from a loss of 45 million in 2023 to a profit of 185 million in 2025, with a year-on-year growth of 150.7% [5][8] - The gross profit margin is expected to improve from 21.5% in 2023 to 25.5% in 2025 [5][8] - The company’s return on equity (ROE) is projected to rise from -3.0% in 2023 to 12.1% in 2025 [5][8] Business Segments Performance - The aluminum formwork segment is expected to achieve operating revenue of 1,480 million in 2024, with a gross margin of 30.1% [6] - The overseas revenue is projected to grow by 41.9% in 2024, indicating strong international market performance [6] - The company is actively investing in new materials and quantum technology applications, which may contribute to future revenue streams [6]
志特新材（300986）：利润扭亏为盈，海外业务发展势头强劲