Yoke Technology(002409) 申万宏源·2025-02-05 09:50Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 850-930 million yuan for 2024, representing a year-on-year growth of about 47%-60% [6]. - The growth in profits is primarily driven by the recovery in semiconductor demand, stable performance in the display sector, and the concentrated delivery phase of LNG insulation materials [6]. - The company is positioned as a major supplier of semiconductor precursors, with significant demand from key clients such as Changxin, Hynix, and SMIC, contributing to high growth rates [6]. - The display materials segment is benefiting from the domestic shift in the panel industry, with notable growth in sales of photoresists and new product developments [6]. - The LNG insulation board business is entering a phase of concentrated deliveries, with strong order growth expected due to the booming LNG ship market [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 4,738 million yuan in 2023 to 11,388 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 26.3% [2]. - Net profit attributable to shareholders is forecasted to increase from 579 million yuan in 2023 to 1,792 million yuan in 2026, reflecting a CAGR of about 36.7% [2]. - Earnings per share (EPS) is expected to rise from 1.22 yuan in 2023 to 3.76 yuan in 2026 [2]. - The company's gross margin is projected to improve slightly from 31.3% in 2023 to 33.9% in 2026 [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 49 in 2023 to 16 by 2026, indicating a more attractive valuation over time [2]. Market Data - As of January 27, 2025, the company's closing price was 59.80 yuan, with a market capitalization of approximately 19,048 million yuan [3]. - The stock has experienced a 52-week high of 74.36 yuan and a low of 33.24 yuan, indicating significant volatility [3]. - The company has a price-to-book (P/B) ratio of 3.9 and a dividend yield of 1.14% based on the most recent dividend announcement [3].