Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a revenue of 2.48 to 2.6 billion yuan in 2024, representing a year-on-year growth of 10.81% to 16.17%, with a median estimate of 2.54 billion yuan, reflecting a 13.5% increase. The net profit attributable to shareholders is forecasted to be between 65 to 95 million yuan, with a median of 80 million yuan, indicating a turnaround from losses [2][4]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 2.526 billion yuan in 2024, marking a year-on-year increase of 12.88%. The net profit attributable to shareholders was 74 million yuan, also indicating a return to profitability. The net profit after deducting non-recurring items was 43 million yuan, showing a positive shift [4][10]. Business Performance - The company’s revenue growth was driven by a significant increase in overseas income, which grew by 41.85% to reach 520 million yuan, accounting for 16.38% of total revenue. The aluminum formwork products benefited from technological advantages and capacity upgrades, while the prefabricated PC components business capitalized on the green building trend [10]. Margin and Cost Management - The overall gross margin for the year was 25.38%, an increase of 3.89 percentage points year-on-year. The company managed to reduce its expense ratio to 18.35%, down by 1.81 percentage points, which contributed to improved profitability [10]. Future Outlook - The company is positioned for growth with a focus on overseas markets and new technological collaborations, including partnerships in AI and quantum technology for new material development. The introduction of an equity incentive plan aims to drive performance targets for net profit and overseas revenue in the coming years [10].
志特新材（300986）：盈利同比转正，海外收入提速增长