Novoray(688300) 新浪财经· Xin Lang Cai Jing·2025-03-31 00:39Core Insights - The company reported a revenue of 960 million in 2024, representing a year-on-year increase of 34.9%, with a net profit attributable to shareholders of 250 million, up 44.5% year-on-year [1] - The semiconductor market is experiencing an upward cycle in 2024, driven by increased demand for high-performance packaging materials, particularly in AI applications [2] - The company is focusing on enhancing its core competitiveness through continuous R&D investment and expanding production capacity to meet market demands [3] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 350 million, 450 million, and 550 million respectively, maintaining a "buy" rating [4] Financial Performance - In Q4 2024, the company achieved a revenue of 270 million, a year-on-year increase of 32.8% and a quarter-on-quarter increase of 6.5% [1] - The company's ball-shaped silicon powder revenue reached 550 million, up 48.8% year-on-year, while angular silicon powder revenue was 250 million, up 8.7% year-on-year [2] - The average price of ball-shaped silicon powder was approximately 14,900 per ton, reflecting a year-on-year increase of 4.6% [2] Market Trends - The demand for high-performance packaging materials is rapidly increasing, particularly in advanced packaging and high-frequency circuit boards [2] - The company is launching various specifications of low-alpha spherical silica and other advanced materials to meet customer needs for lower dielectric loss and higher thermal conductivity [2] R&D and Capacity Expansion - The company invested 60.4 million in R&D in 2024, a year-on-year increase of 27.4%, with an R&D expense ratio of 6.3% [3] - A new project in Lianyungang City is planned with an investment of 300 million to produce ultra-pure spherical powder materials for high-performance substrates, with a designed capacity of 1,200 tons per year [3]