YUEYANG XINGCHANG(000819) 华鑫证券·2025-04-24 12:30Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - The MPP project is currently underperforming, but the long-term growth potential remains intact as it is expected to become a significant revenue driver once operational efficiency improves [5] - The new materials business has shown remarkable growth, with a revenue increase of 501.14% year-on-year, driven by the full-scale production of calcined petroleum coke [6] - The company has successfully obtained production qualifications for 500,000 tons/year of finished oil, marking the beginning of its expansion phase in this segment [6] - The company is projected to see significant profit growth from 2025 to 2027, with estimated net profits of 1.29 billion, 1.81 billion, and 2.16 billion respectively [8] Summary by Sections Market Performance - The company reported a total revenue of 3.823 billion in 2024, a year-on-year increase of 24.62%, but the net profit decreased by 37.55% to 63 million [4] Investment Highlights - The MPP project in Huizhou has faced delays, with a current capacity utilization rate of 18.78% and an expected production of 56,300 tons in 2024, leading to a revenue of 356 million [5] - The new materials segment has achieved a revenue of 793 million, significantly contributing to the overall growth [6] Financial Forecast - The company is expected to achieve a revenue growth rate of 27.8% in 2025, with a projected net profit growth of 105.1% [10]