Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][2] Core Views - The company is expected to achieve a revenue of 306 million yuan in 2024, representing a year-on-year growth of 17.95%, while the net profit attributable to the parent company is projected to decrease by 5.82% to 36 million yuan [2] - The semiconductor quartz materials and compound quartz products are expected to see an increase in proportion, with a strong demand for 12-inch semiconductor business and compound semiconductor quartz products [3] - The company is actively expanding its production capacity and has made significant progress in product certification with major clients like SMIC, which is expected to lead to increased orders for high-end semiconductor quartz products [4] Financial Summary - Revenue is projected to grow from 260 million yuan in 2023 to 306 million yuan in 2024, and further to 359 million yuan in 2025, with a compound annual growth rate (CAGR) of approximately 17.3% from 2024 to 2026 [5][10] - The gross profit margin is expected to improve from 39.4% in 2024 to 42.7% in 2026, while the net profit margin is projected to increase from 11.7% in 2024 to 18.7% in 2026 [11] - Earnings per share (EPS) are forecasted to rise from 0.48 yuan in 2024 to 1.05 yuan in 2026, indicating a positive trend in profitability [5][10]
凯德石英：北交所信息更新：子公司产能建设+认证加速，2024年预计营收+18%-20250304