期待下游景气复苏带来更高增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of approximately 7.184 billion yuan in 2023, representing a year-on-year increase of 258.46%. The net profit attributable to shareholders was about 5.039 billion yuan, up 378.92% year-on-year, with basic earnings per share of 13.95 yuan, an increase of 374.49% [4][5]. - The demand for quartz sand, a key material in the photovoltaic industry, has significantly increased due to the accelerated recovery of downstream industries in 2023. The production of polysilicon, silicon wafers, batteries, and modules has all seen over 60% year-on-year growth [5]. - The photovoltaic sector remains the core growth driver for the company, with revenue from this segment reaching 6.3 billion yuan, a year-on-year increase of 388.7%, accounting for 88.49% of total revenue [5]. - The semiconductor sector is viewed as a second growth curve, with potential for market share expansion as the company develops new products and explores market opportunities [5]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 7.184 billion yuan, with a gross profit of 6.286 billion yuan, resulting in a gross margin of 88% [10]. - The company plans to distribute a cash dividend of 57 yuan per 10 shares and to increase its capital stock by 5 shares for every 10 shares held [4]. Market Outlook - The company is expected to achieve revenues of 6.3 billion yuan and 7.3 billion yuan in 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 4.8 and 4 [6]. - The strong demand for quartz sand is anticipated to continue, supported by the ongoing recovery in the photovoltaic sector and the transition from P-type to N-type solar cells, which may enhance demand for quartz sand [5]. Production Capacity - The company has completed the construction of 60,000 tons of new production capacity, which is expected to be ramped up soon, providing scalability and flexibility in production [5].