Novoray(SH:688300) ZHONGTAI SECURITIES·2024-08-27 07:15Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [7]. Core Insights - The company has achieved record quarterly performance, with significant year-on-year growth in revenue and net profit, driven by industry demand recovery and product structure optimization [1][3]. - The demand for advanced packaging and high-end products is expected to continue growing, supported by trends in AI and other high-tech sectors [1][2]. - The company's focus on R&D and innovation is enhancing its core competitiveness, with a notable increase in high-value product offerings [1][4]. Financial Performance Summary - Revenue Forecast: - 2023A: 712 million - 2024E: 951 million (growth rate: 33.7%) - 2025E: 1,204 million (growth rate: 26.5%) - 2026E: 1,480 million (growth rate: 23.0%) [1][6] - Net Profit Forecast: - 2023A: 174 million - 2024E: 256 million (growth rate: 47.0%) - 2025E: 356 million (growth rate: 39.0%) - 2026E: 464 million (growth rate: 30.4%) [1][6] - Earnings Per Share (EPS): - 2023: 0.94 - 2024: 1.38 - 2025: 1.91 - 2026: 2.50 [1][6] - Profitability Ratios: - Gross Margin: 39.3% in 2023, expected to rise to 48.5% by 2026 - Net Margin: 24.4% in 2023, expected to reach 31.3% by 2026 [4][6] - Return on Equity (ROE): - 2023: 12.9% - 2024E: 15.8% - 2025E: 18.6% - 2026E: 20.0% [6] Market Position and Competitive Advantage - The company is positioned as a leader in the high-end materials sector, competing effectively with Japanese firms and benefiting from a strong global supply chain presence [1][2]. - The increasing proportion of high-end products in the company's portfolio is expected to enhance profitability [1][4].