Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company is positioned to benefit from trends in the AI PC industry, focusing on lightweight materials and green technology. It aims to enhance its competitive edge through product innovation and increased R&D investment [10]. - The company plans to expand its carbon fiber business and explore new applications, particularly in the growing foldable smartphone market, which is expected to see significant growth in 2024 [10]. - The company is actively establishing a presence in overseas markets, with production bases in Mexico and Vietnam, and a new entity in Japan to better serve large clients [10]. Financial Summary - The latest closing price is 34.19 yuan, with a total market capitalization of 3.6 billion yuan and a circulating market value of 1.4 billion yuan [3][5]. - The company’s projected revenues for 2024-2026 are 1.21 billion, 1.72 billion, and 2.25 billion yuan, respectively, with growth rates of 20.22%, 42.15%, and 30.81% [13]. - The expected net profit attributable to the parent company for the same period is 0.2 million, 1.2 million, and 2.8 million yuan, with significant growth anticipated in 2025 and 2026 [12][13]. - The company’s EBITDA is projected to increase from 122.77 million yuan in 2024 to 457.21 million yuan in 2026 [13].
光大同创：碳纤维受益AIPC行业新趋势