TYSJ(SH:688033) Changjiang Securities·2024-02-26 16:00Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The report highlights that the company's revenue for the year reached 2.216 billion yuan, representing a year-on-year growth of 124.51%, while the total profit amounted to 267 million yuan, up 35.89% year-on-year [1][5]. - The synergy in the photovoltaic sector is strengthening, with the release of production capacity in carbon-carbon products and quartz crucibles, leading to an increase in overall revenue and profit compared to the same period last year [5]. - The company has signed a long-term procurement framework agreement with a U.S. silicon company, committing to purchase 7,817 tons of quartz sand from 2024 to 2028 [6]. - The company is expanding its quartz crucible production capacity in Jiangsu and Sichuan, with some production lines expected to be operational by Q2 2024 [6]. - Despite short-term demand pressures in several business sectors, the medium-term growth potential remains significant due to the company's diversified business lines [6]. Financial Summary - The company is projected to achieve profits of 270 million yuan and 650 million yuan for 2023 and 2024, respectively, corresponding to price-earnings ratios (PE) of 25 and 10 times [7]. - The current stock price is 11.91 yuan, with a total share capital of 56.22 million shares and a net asset value per share of 9.49 yuan [8]. - The company’s revenue is expected to grow from 2.224 billion yuan in 2023 to 4.222 billion yuan in 2024, with a gross profit margin projected to stabilize around 37% [20].