Investment Rating - The investment rating for Jiangsu Boyun is "Buy" [4] Core Views - The company's Q3 performance met expectations, with a focus on demand recovery and the implementation of fundraising projects [4] - Sales recovery is expected to drive further growth in 2024, with a revenue target of 700 million yuan, representing a 38% increase from 2023 [10] - The customer structure has improved, with a decrease in revenue concentration among the top five customers, leading to a more diversified income base [10] - The company is advancing its fundraising projects, with plans to complete four production lines in 2024, adding 30,000 tons of new capacity [10] - The company's R&D investment reached 25.47 million yuan in 2023, accounting for 5.03% of revenue, enhancing its competitive edge in high-end markets [10] Financial Summary - Total revenue for 2023 is projected at 506.23 million yuan, a slight decline of 1.97% year-on-year, with a net profit of 115.40 million yuan, reflecting a growth of 1.69% [1] - The earnings per share (EPS) for 2023 is estimated at 1.17 yuan, with a price-to-earnings (P/E) ratio of 17.22 [1] - The company anticipates a significant increase in revenue and net profit in the coming years, with projections of 715.12 million yuan in revenue and 151.65 million yuan in net profit for 2024 [1][10] - The gross profit margin for 2023 is reported at 33.8%, with a net profit margin of 22.8%, indicating a positive trend in profitability [10]
2023 年年报点评：全年销量同比改善，关注下游补库与募投项目落地