Novoray(688300) 新浪财经·2025-03-28 10:40Core Insights - The company reported a revenue of 960 million yuan for the year 2024, representing a year-on-year increase of 34.94%, and a net profit attributable to shareholders of 251 million yuan, up 44.47% year-on-year [1] - The demand for powder products has surged due to the growth in computing power, with the global semiconductor sales expected to reach 628 billion USD in 2024, a 19% increase year-on-year [2] - The company is actively preparing for the upcoming computing era with a research and development expenditure accounting for 6.3% of its revenue, focusing on advanced materials for high-end applications [3] Financial Performance - In Q4 2024, the company achieved a revenue of 267 million yuan, a quarter-on-quarter increase of 6.5%, but the net profit decreased by 1.3% to 66 million yuan due to rising raw material costs [1] - The company’s gross margin for 2024 was 40.38%, an increase of 1.12 percentage points year-on-year, driven by the growth of high-margin spherical powder products [2] Product and Market Development - The sales volume of spherical silicon micro-powder reached 36,739 tons in 2024, a year-on-year increase of 42.29%, with an average selling price of 14,941 yuan per ton, up 4.6% [2] - The company is launching high-end products such as Lowα spherical silica and LowDf ultra-fine spherical silica, which have received certification from overseas clients for advanced packaging applications [2] Research and Development - The company is advancing several research projects, including ultra-low loss high-speed substrate spherical silica and micron-level low-hardness spherical ceramic powders, targeting cutting-edge fields in packaging materials and thermal management [3] Investment Outlook - The projected net profits for the company from 2025 to 2027 are estimated to be 298 million yuan, 346 million yuan, and 381 million yuan respectively, with corresponding price-to-earnings ratios of 36, 31, and 28 based on the closing price of 57.55 yuan on March 27 [4]