赛特新材：短期业绩承压，VIP新品订单初释放，看好中长期成长性-20250424

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 profit pressure due to investment phases in its subsidiaries, but it is expected to benefit from long-term growth driven by new project layouts and market opportunities [1][4]. - The company achieved a revenue of 934 million yuan and a net profit attributable to the parent company of 77.16 million yuan in 2024, reflecting a year-on-year growth of 11.16% in revenue but a decline of 27.27% in net profit [1][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 934 million yuan, with a net profit of 77.16 million yuan, showing a year-on-year increase of 11.16% in revenue but a decrease of 27.27% in net profit. The adjusted net profit was 71 million yuan, down 33.86% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of 265 million yuan and a net profit of 12 million yuan, with a year-on-year increase in revenue of 6.93% but a significant decline in net profit by 55.32% [1]. - The first quarter of 2025 recorded a revenue of 246 million yuan and a net profit of 10 million yuan, marking a 10.06% increase in revenue but a 65.96% decrease in net profit year-on-year [1]. Product Performance - The company's vacuum insulated panels (VIP) revenue grew by 11.39% to 915 million yuan in 2024, driven by increased sales volume, which reached a historical high of 9.97 million square meters, up 13% year-on-year [2]. - The company has begun to receive orders for VIP products used in new applications, including automotive battery insulation, indicating successful market expansion [2]. Profitability and Costs - The overall gross margin for 2024 was 29.12%, a decrease of 3.92 percentage points year-on-year, with the fourth quarter gross margin dropping to 23.60% [3]. - The company’s operating cash flow for 2024 was 66 million yuan, a decrease of 10 million yuan year-on-year, but the cash collection ratio improved by 16.46% to 95.10% [3]. Market Position and Future Outlook - The company holds a leading position in the VIP market and is expected to benefit from the increasing penetration of VIP products in various applications, which will drive industry growth [4]. - The report projects a decrease in net profit for 2025 and 2026 to 144.24 million yuan and 177.65 million yuan, respectively, but anticipates a recovery to 236.30 million yuan by 2027 [4].