Novoray(688300) Ping An Securities·2025-03-26 06:00Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Insights - The company achieved a revenue of 960 million yuan in 2024, representing a year-on-year increase of 34.94%, and a net profit attributable to shareholders of 251 million yuan, up 44.47% year-on-year [4][7] - The semiconductor industry is experiencing an upward cycle, significantly boosting the sales of high-end spherical powder products, with the company’s sales volume for spherical inorganic powder materials reaching 37,100 tons, a 40.03% increase year-on-year [7] - The company is positioned as a leading domestic producer of electronic-grade silicon powder, with plans for capacity expansion and new product launches expected to drive further growth [8] Financial Performance Summary - In 2024, the company reported a gross margin of 40.4% and a net margin of 26.2%, with a return on equity (ROE) of 16.7% [6][9] - The projected revenues for 2025, 2026, and 2027 are 1.192 billion yuan, 1.444 billion yuan, and 1.724 billion yuan respectively, with corresponding net profits of 333 million yuan, 418 million yuan, and 513 million yuan [6][9] - The company’s earnings per share (EPS) are expected to grow from 1.35 yuan in 2024 to 2.76 yuan by 2027 [6][9] Industry Context - The global semiconductor sales are projected to reach 627.6 billion USD in 2024, marking a 19.1% increase year-on-year, driven by rapid growth in demand for high-performance packaging materials [7] - The company is set to benefit from the increasing demand for high-performance spherical powder materials, particularly in applications related to AI and advanced electronics [7]