RAYITEK(688323) 中国银河·2024-03-22 16:00Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company experienced a decline in performance in 2023, with total revenue of 276 million yuan, a year-on-year decrease of 8.55%, and a net profit attributable to shareholders of -19.60 million yuan, marking a shift from profit to loss [1]. - The decline in performance is attributed to weak terminal demand and intensified industry competition, leading to a significant drop in revenue from high-performance PI films, which saw a sales volume of 944.62 tons, a year-on-year increase of 24.73%, but an average price decrease of 26.04% [1]. - The company anticipates a recovery in performance in 2024, driven by the release of production capacity at its Jiaxing base, which is expected to contribute significantly to revenue growth [1]. - The company plans to achieve a revenue growth rate of 60% in 2024, supported by enhanced product layout capabilities and increased production efficiency [1]. Financial Forecasts - The company forecasts revenues of 472 million yuan, 683 million yuan, and 900 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 71.17%, 44.59%, and 31.79% [8]. - The net profit attributable to shareholders is expected to turn positive in 2024, reaching 37.79 million yuan, with subsequent profits of 101.93 million yuan and 172.33 million yuan in 2025 and 2026, respectively [8]. - Earnings per share (EPS) are projected to be 0.21 yuan, 0.57 yuan, and 0.96 yuan for the years 2024, 2025, and 2026, with corresponding price-to-earnings (PE) ratios of 68.87, 25.53, and 15.10 [8]. Research and Development - The company has increased its R&D expenditure by 19.06% year-on-year, with an R&D expense ratio of 11.67%, up by 2.71 percentage points [1]. - The company is focused on accelerating the commercialization of its R&D projects, including new products for 5G/6G low dielectric substrates and flexible electronic substrates, as well as upgrades to high thermal conductivity PI films [1].