Focus Lightings Tech CO.(SZ:300708) Nanjing Securities·2024-03-14 16:00Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating an expected stock price increase of 5% to 15% relative to the CSI 300 index over the next six months [3][16]. Core Insights - The company is expanding its red and yellow light LED chip production to enhance its full-color LED product matrix, addressing a gap in its product offerings. This strategic move is expected to improve competitiveness in the Mini/Micro LED market [3]. - The company has seen steady growth in its blue and green light LED chip sales, with a total production of 21.74 million chips in 2023, reflecting a year-on-year increase of 14.78% from 2021 and 8.37% from 2022 [4][7]. - The company is strategically reallocating part of its fundraising to support the new project for producing 2.4 million red and yellow light epitaxial wafers and chips, which is expected to bolster its market position in the rapidly evolving display technology sector [3][4]. Financial Performance - In 2023, the company achieved a total revenue of 2,480.9 million yuan, with projections of 2,767.3 million yuan for 2024, representing a year-on-year growth of 11.5% [10]. - The net profit for 2023 was reported at 121.2 million yuan, with forecasts of 158.4 million yuan for 2024, indicating a significant recovery and growth trajectory [10]. - The company's inventory turnover days have decreased to 41.6 days, showcasing efficient inventory management compared to industry peers [7].