FARATRONIC(SH:600563) KAIYUAN SECURITIES·2024-03-25 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is actively expanding into high-end markets such as renewable energy, which is expected to lead to steady growth in performance [6][8] - The company reported a revenue of 3.88 billion yuan in 2023, a year-on-year increase of 1.14%, and a net profit attributable to shareholders of 1.02 billion yuan, up 1.72% year-on-year [6] - The company is a leading manufacturer of film capacitors and is expected to benefit from the rapid development of industries such as new energy vehicles and photovoltaics [6] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 1.01 billion yuan, a year-on-year decrease of 1.10% but a quarter-on-quarter increase of 12.07% [6] - The gross profit margin for 2023 was 38.58%, an increase of 0.27 percentage points year-on-year [6] - The company plans to maintain steady revenue growth in 2024, with projected net profits of 1.25 billion yuan, 1.47 billion yuan, and 1.76 billion yuan for 2024, 2025, and 2026 respectively [9] Cost Control and R&D Investment - The company has effectively controlled costs and increased R&D investment, with a research and development expense ratio of 3.64% in 2023, up 0.17 percentage points year-on-year [7] - The average selling price of the company's film capacitors increased to 1.64 yuan per unit in 2023, a rise of 33% compared to 2022 [7] Market Outlook - The high-end film capacitor market is expected to grow steadily in the coming years due to increased investment in renewable energy and the upgrading of consumer electronics [8] - The company aims to consolidate its market share in traditional sectors while actively exploring global markets in renewable energy, rail transit, and power grid sectors [8]