Investment Rating - The investment rating for Chengdu Guibao Science & Technology Co., Ltd. is "OUTPERFORM" with a target price of RMB 18.40, reflecting a 12% downside from the current price [20][53]. Core Insights - The company achieved a net profit attributable to shareholders of RMB 315 million in 2023, representing a year-on-year growth of 25.9%. Revenue was RMB 2.61 billion, down 3.30% year-on-year, while recurring net profit increased by 33.88% to RMB 306 million [34][51]. - The company solidified its leadership in the silicone sealant industry, with production and sales exceeding 180,000 tons, up over 25% year-on-year, and an increase in market share. Sales of construction adhesives grew steadily, while industrial adhesives saw rapid growth in sectors such as photovoltaics, power batteries, electronics, and automotive [52][59]. Financial Performance - The company's total revenue for 2023 is projected at RMB 2.61 billion, with a slight decline of 3.30% compared to 2022. The net profit is expected to grow to RMB 3.15 billion in 2023, with further increases to RMB 3.62 billion in 2024 and RMB 4.16 billion in 2025 [20][53]. - The gross profit margin is expected to stabilize, with projections of 24.3% in 2023, 24.4% in 2024, and 24.5% in 2025 [29][55]. Production Capacity and Utilization - The production capacity utilization for silicone sealants is expected to increase gradually, with estimates of 66%, 70%, and 77% for the years 2023 to 2025 respectively. For silane coupling agents, the utilization is projected to remain stable at 100% during the same period [1][23]. Strategic Developments - The establishment of Chengdu Guibao Science & Technology (Shanghai) Co., Ltd. aligns with the company's diversified growth strategy, leveraging Shanghai's international advantages to enhance R&D and marketing capabilities [28][35]. - The company is investing in advanced silicone material research and industrialization projects, including a new 5,000-ton/year production line for electronic and optical encapsulation materials [28][35].

Investment Rating - The report assigns an "Outperform" rating to the company [1]. Core Insights - The company expects a net profit attributable to shareholders of 350-430 million yuan in 2023, representing a year-on-year growth of 56.57% to 92.35%. The non-deductible net profit is projected to be 329-409 million yuan, with a year-on-year growth of 54.66% to 92.27%. This growth is driven by significant revenue increases in the energy storage and charging station divisions [3][23]. - The company has been actively involved in the charging station business for over a decade, focusing on power electronic technology. It has established partnerships with leading energy companies overseas and is expected to benefit from the growth of both domestic and international charging station markets [7][20]. Financial Performance Summary - Revenue projections for the company are as follows: - 2020: 1,503 million yuan - 2021: 2,478 million yuan - 2022: 3,804 million yuan - 2023: 5,575 million yuan - Year-on-year growth rates: 47%, 65%, 54%, 47% respectively [2]. - Net profit projections are: - 2020: 224 million yuan - 2021: 413 million yuan - 2022: 630 million yuan - 2023: 852 million yuan - Year-on-year growth rates: 97%, 85%, 53%, 35% respectively [2]. - The company’s earnings per share (EPS) are projected to increase from 0.72 yuan in 2020 to 2.75 yuan in 2023 [2]. Market Context - The company’s current stock price is 26.51 yuan, with a market capitalization of 8.2 billion yuan [1][5]. - The average price-to-earnings (P/E) ratio for the company is projected to decrease from 24 in 2022 to 15 in 2024, indicating a potentially favorable valuation trend [5].

[研Ta究ble报_T告itl Re] e search Report 4 Feb 2024 三美股份 Zhejiang Sanmei Chemical Industry (603379 CH) 三代制冷剂龙头，有望受益于 R125 等产品提价 Third-generation refrigerant leading company to benefit from the price increase of R125 庄怀超Huaichao Zhuang hc.zhuang@htisec.com [热Ta点ble速_y评emFelia1s]h Analysis [(TPalebalese_ ssueme mAPaPrEyN] DIX 1 for English summary) 公司主要从事氟碳化学品和无机氟产品等氟化工产品的研发、生产和销售。公司氟碳化学品主要包括氟制冷剂和  氟发泡剂，其中氟制冷剂主要包括 HFCs 制冷剂和 HCFCs 制冷剂，主要用于家庭和工商业空调系统以及冰箱、汽车 等设备制冷系统；氟发泡剂主要是 HCFC-141b，主要用于聚氨酯硬泡的生产。公司无机氟产品主要包括无水氟化 氢、氢 ...

研究报告Research Report 1 Feb 2024 新宙邦 Shenzhen Capchem Technology (300037 CH) 2023 年归母净利润同比减少 43.70%至 40.29% 2023 Net Profit -43.70% to -40.29% YoY [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab 维le_ 持Inf 优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary)  2023年归母净利润同比减少43.70%至40.29%。2023年公司实现归 评级 优于大市OUTPERFORM 母净利润 9.90 至 10.50 亿元，同比减少 43.70%至 40.29%；实现扣 现价 Rmb37.19 非净利润 9.36 至 9.96 亿元，同比减少 45.37%至 41.87%。2023Q4 目标价 Rmb62.57 实现归母净利润 1.93-2.53 亿元，同比减少 39.0%至 20.0%；实现扣 非净利润1.91-2.51亿元，同比减少33.7% ...