HIUV(688680) 中银国际·2025-04-25 00:32Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company reported a significant loss in 2024, with a net profit of -558 million RMB, which is an increase in loss compared to the previous year [8] - In Q1 2025, the company showed a reduction in losses compared to the previous quarter, with a net profit of -57.44 million RMB [10] - The company is focusing on high-margin non-photovoltaic film business, which has shown substantial growth [8] Financial Summary - The company's revenue for 2024 was 2,591 million RMB, a decrease of 46.81% year-on-year [9] - The projected earnings per share (EPS) for 2025-2027 are updated to -1.85, 0.43, and 2.96 RMB respectively [5] - The company’s EBITDA for 2024 is projected at -288 million RMB, with a forecasted recovery to 195 million RMB in 2026 [11] Business Performance - The company’s photovoltaic film sales volume decreased by 24.65% in 2024, leading to a negative gross margin [8] - The non-photovoltaic film business achieved a revenue of 20.66 million RMB in 2024, with a gross margin of 28.22% [8] - The company has successfully launched PDCLC dimming film products for automotive applications, positioning itself as a potential industry leader [8]