Novoray(688300) Ping An Securities·2025-03-26 05:44Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The semiconductor industry is experiencing an upward cycle, significantly boosting the sales of high-end spherical powder products [7] - The company achieved a revenue of 960 million yuan in 2024, representing a year-on-year increase of 34.94%, and a net profit of 251 million yuan, up 44.47% year-on-year [4][6] - The company is positioned as a leading domestic producer of electronic-grade silicon micro-powder, with a focus on high-barrier products [8] Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of 960 million yuan, with a year-on-year growth of 34.94% and a net profit of 251 million yuan, reflecting a 44.47% increase [4][6] - The fourth quarter of 2024 saw a revenue of 267 million yuan, up 32.78% year-on-year, and a net profit of 66 million yuan, increasing by 35.27% [4] Sales and Production - The sales volume of high-end spherical inorganic powder materials reached 37,100 tons in 2024, a year-on-year increase of 40.03%, with revenue from this segment at 549 million yuan, up 48.79% [7] - The company has made significant advancements in technology, launching various high-end products, including low-loss spherical silica and aluminum [7] Future Projections - The company is expected to expand its production capacity with new projects, including a 25,200-ton electronic-grade functional powder project and a 3,000-ton ultra-fine spherical powder production line, both projected to ramp up in 2025 [7][8] - Forecasts indicate that the company's net profit will reach 333 million yuan in 2025, 418 million yuan in 2026, and 513 million yuan in 2027, with corresponding P/E ratios of 32.0, 25.5, and 20.8 [8][9] Cost Management - The total expense ratio for 2024 was 12.95%, a decrease from 14.73% in 2023, indicating effective cost control measures [8]