Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company is focusing on "green, lightweight, and new" strategies to enhance its competitiveness in the industry, with a commitment to product innovation and increased R&D investment [10]. - The company aims to capitalize on the growing demand for lightweight materials in the consumer electronics sector, particularly in protective materials and die-cut structural components [10]. - The company is actively expanding its overseas market presence, having established production bases in Mexico and Vietnam, and recently launched a new entity in Japan to better serve large clients [10]. - The report highlights the significant growth potential in the foldable smartphone market, with the company already transitioning its carbon fiber products for use in this sector [10]. Financial Summary - The company is projected to achieve a net profit of 0.2 billion, 1.2 billion, and 2.8 billion yuan for the years 2024, 2025, and 2026 respectively [12]. - Revenue is expected to grow from 1.007 billion yuan in 2023 to 2.250 billion yuan by 2026, reflecting a compound annual growth rate [13]. - The company's EBITDA is forecasted to increase significantly, from 164.91 million yuan in 2023 to 457.21 million yuan in 2026 [13]. - The earnings per share (EPS) is projected to rise from 1.08 yuan in 2023 to 2.61 yuan in 2026 [13].
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