Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has a complete polyether industrial chain and is a single champion in CPU products, with an expected 38% year-on-year growth in net profit attributable to the parent company for 2024 [2] - The 2024 revenue is projected to be 6.847 billion yuan, representing an 8.75% increase, while the net profit attributable to the parent company is expected to reach 176 million yuan, a 37.97% increase [2] - The company is optimizing its product structure to enhance profitability and is expected to increase its market development efforts and production capacity [2] Financial Summary - The company’s revenue for 2022 was 6.308 billion yuan, with a year-on-year decrease of 20.9%. For 2023, revenue is projected to be 6.296 billion yuan, a slight decrease of 0.2% [6] - The net profit attributable to the parent company for 2022 was 191 million yuan, with a year-on-year decrease of 18.8%. The forecast for 2024 is 176 million yuan, reflecting a 38% increase [6] - The company’s gross margin for 2024 is expected to be 6.0%, with a net margin of 2.6% [11] Industry Insights - The polyurethane elastomer industry in China is rapidly growing, with the TPU market expected to grow at an annual rate of 9-11% from 2023 to 2028 [3] - The industry is moving towards scale, with many small enterprises facing challenges due to stricter environmental regulations and outdated processes [3] - The company holds a 34.61% market share in CPU products, ranking first nationally, and has a strong competitive advantage due to its comprehensive industrial chain and leading technology [4]
一诺威（834261）：北交所信息更新：聚醚产业链完备+CPU产品单项冠军，2024年预计归母净利润+38%