Novoray(688300) Guotai Junan Securities·2024-10-30 23:39Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - The company is benefiting from the release of high-end production capacity, leading to continuous high growth in performance year-on-year [3][4] - The third quarter of 2024 saw a significant year-on-year increase in performance, although there was a slight decline in growth rate due to a drop in low-end demand [3][4] - The company is expected to continue seeing performance growth driven by capacity optimization and high-end product layout [3][4] Financial Summary - Revenue for 2022 was 662 million, with projections of 712 million for 2023, 952 million for 2024, 1,125 million for 2025, and 1,252 million for 2026, reflecting growth rates of 6.0%, 7.5%, 33.7%, 18.2%, and 11.3% respectively [4][8] - Net profit attributable to the parent company for 2022 was 188 million, with forecasts of 174 million for 2023, 245 million for 2024, 300 million for 2025, and 342 million for 2026, showing growth rates of 8.9%, -7.6%, 40.8%, 22.5%, and 13.7% respectively [4][8] - Earnings per share (EPS) is projected to be 0.94 for 2023, 1.32 for 2024, 1.62 for 2025, and 1.84 for 2026 [4][8] Market Data - The current stock price is 52.47, with a target price raised to 67.32 from the previous 59.18 [2][4] - The company has a total market capitalization of 9,746 million [4][8] - The price-to-earnings (P/E) ratio is currently 56.01 for 2023, projected to decrease to 39.77 for 2024 and further to 32.45 for 2025 [4][8]