Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 112-128 million yuan in 2023, representing a year-on-year growth of 22.62%-40.14%. The gross profit margin for the first three quarters of 2023 reached 17.4%, the highest since 2021. As a result, the profit forecasts for 2023-2025 have been revised upwards, with expected net profits of 116 million, 132 million, and 163 million yuan respectively [1][2] - The company has successfully expanded its customer base, adding new clients such as Xiaomi Auto and Leap Motor in the new energy vehicle sector. The company has established a wholly-owned subsidiary, Shaanxi Xinhe Runchang Composite Materials Co., Ltd., which has begun operations on a project with an annual production capacity of 56,000 tons of high-performance composite materials [2][19] Financial Summary - Revenue (in million yuan): - 2021: 977 - 2022: 1,121 - 2023E: 1,429 (27.5% YoY growth) - 2024E: 1,632 (14.2% YoY growth) - 2025E: 1,856 (13.7% YoY growth) [3] - Net profit (in million yuan): - 2021: 81 - 2022: 91 - 2023E: 116 (27.1% YoY growth) - 2024E: 132 (13.5% YoY growth) - 2025E: 163 (23.7% YoY growth) [3] - Gross margin: - 2021: 16.5% - 2022: 16.2% - 2023E: 17.0% - 2024E: 17.0% - 2025E: 17.4% [3] - EPS (diluted, in yuan): - 2021: 0.76 - 2022: 0.85 - 2023E: 1.08 - 2024E: 1.23 - 2025E: 1.52 [3] Market Position - The company operates in the modified plastics sector, focusing on high-performance materials. It has a diverse product range including modified PP, ABS, PC, PA, and PBT, and is positioned in the lower 15% of the PE (ttm) valuation within its industry, indicating potential undervaluation [20]
北交所信息更新：业绩预告超预期，新增小米汽车、零跑等新能源品牌客户