Novoray(SH:688300) CMS·2025-03-28 13:37Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company achieved a revenue of 960 million yuan in 2024, representing a year-on-year growth of 34.94%, and a net profit of 251 million yuan, up 44.47% year-on-year [1][2]. - The semiconductor market is entering an upward cycle, with a significant increase in demand for high-performance packaging materials driven by advancements in AI and other technologies [7]. - The company is expanding its product offerings, including Lowα spherical silica and LowDf ultra-fine spherical silica, to meet customer demands for lower CUT points and lower dielectric loss [7]. - New projects are being launched, including a 300-ton advanced integrated circuit ultra-fine spherical powder production line, which is expected to enhance future growth prospects [7]. Financial Data and Valuation - The company’s total revenue is projected to grow from 712 million yuan in 2023 to 1.768 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20% [2][12]. - The net profit is expected to increase from 174 million yuan in 2023 to 494 million yuan in 2027, reflecting a strong growth trajectory [2][12]. - The earnings per share (EPS) are forecasted to rise from 0.94 yuan in 2023 to 2.66 yuan in 2027 [2][13]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 60.6 in 2023 to 21.3 in 2027, indicating potential for valuation improvement [8][13]. Market Performance - The company’s stock price is currently at 56.78 yuan, with a total market capitalization of 10.5 billion yuan [3]. - The company has shown a relative performance of -7% over the past 12 months compared to the CSI 300 index [6].