KFMI(SZ:300666) KAIYUAN SECURITIES·2024-02-04 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has announced a share buyback plan with an expenditure of 50-80 million yuan, indicating confidence in its business outlook and commitment to shareholder returns [1] - The company is focusing on its main business lines, which include ultra-pure metal sputtering targets, semiconductor precision components, and key materials for third-generation semiconductors, aiming to enhance its core competitiveness [7] - The management has launched the "Quality Return Dual Improvement" action plan, emphasizing sustainable development and reasonable returns for investors [6][20] Financial Performance Summary - The company expects net profit attributable to shareholders to be 231 million yuan in 2023, 354 million yuan in 2024, and 463 million yuan in 2025, with corresponding EPS of 0.87, 1.34, and 1.74 yuan respectively [6][23] - Revenue is projected to grow from 2,578 million yuan in 2023 to 4,711 million yuan in 2025, reflecting a compound annual growth rate [23] - The current price-to-earnings (P/E) ratios are 43.6 for 2023, 28.4 for 2024, and 21.7 for 2025, indicating a favorable long-term growth outlook [6][23] Business Strategy - The company is committed to enhancing its core competitiveness through independent research and development of key manufacturing equipment for sputtering targets and establishing a robust intellectual property protection system [7] - The company has completed the construction of a production line for third-generation semiconductor power device module core materials, which has received initial market recognition [7] - The company is also expanding its international market presence with a registered base in South Korea [7]