赛特新材（688398）：短期业绩承压，VIP新品订单初释放，看好中长期成长性

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][21]. Core Views - The company is experiencing short-term pressure on earnings due to investment phases and rising raw material costs, but it is expected to benefit from long-term growth driven by new project layouts and the expansion of its vacuum insulation panel (VIP) business [1][4]. - The company achieved a revenue of 933.54 million yuan in 2024, reflecting an 11.16% year-on-year growth, while the net profit attributable to the parent company decreased by 27.27% to 77.16 million yuan [4][16]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 933.54 million yuan and a net profit of 77.16 million yuan, with a significant decline in net profit attributed to investment phases and rising costs [4][16]. - The company's overall gross margin for 2024 was 29.12%, down by 3.92 percentage points year-on-year, with a net profit margin of 8.27%, down by 4.37 percentage points [3][4]. Product and Market Development - The company achieved a record high in VIP sales, with revenue increasing by 11.39% to 915 million yuan, driven by sales volume growth and new applications in the automotive sector [2][4]. - Domestic sales showed strong performance, with a 40.76% increase to 530 million yuan, surpassing international sales for the first time [2][4]. Future Outlook - The company is expected to see a gradual recovery in net profit, with projections of 144.24 million yuan in 2025 and 236.30 million yuan in 2027, indicating a positive growth trajectory [4][16]. - The report highlights the company's strong position in the vacuum insulation market and its potential to capitalize on industry growth driven by increased penetration rates of VIP products [4][21].