SQM(688138) 华金证券·2024-07-25 13:00Investment Rating - The report maintains a "Buy - A" rating for the company, indicating a positive outlook for future performance [14]. Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 1.16 billion, 1.43 billion, and 1.77 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 25.4%, 23.6%, and 23.4% [13][20]. - The net profit attributable to the parent company is forecasted to be 192 million, 251 million, and 336 million yuan for the same years, corresponding to price-to-earnings (P/E) ratios of 25.4, 19.5, and 14.5 [13][20]. - The company is positioned well within the domestic market for mask plates, with a strong customer base and brand influence, and is actively expanding its production capacity and technological capabilities [20]. Financial Data Summary - The company reported a revenue of 762 million yuan in 2022, with an expected increase to 924 million yuan in 2023, and further growth to 1.16 billion yuan in 2024 [21]. - The net profit for 2022 was 99 million yuan, projected to rise to 134 million yuan in 2023 and 192 million yuan in 2024 [21]. - Key financial ratios indicate a gross margin improvement from 25.2% in 2022 to an expected 33.2% in 2026, and a net profit margin increase from 13.0% to 19.0% over the same period [21][20].