Qingdao Gaoce(SH:688556) Minsheng Securities·2024-03-26 16:00Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company achieved a revenue of 6.184 billion RMB in 2023, representing a year-on-year growth of 73.19%. The net profit attributable to shareholders was 1.461 billion RMB, up 85.28% year-on-year [3]. - In Q4 2023, the company reported a revenue of 1.973 billion RMB, a year-on-year increase of 42.97%, but a quarter-on-quarter decline of 37.25% in net profit, attributed to industry fluctuations affecting profitability [3]. - The company’s three main business segments—equipment, consumables, and slicing—showed significant growth, with the photovoltaic cutting equipment revenue reaching 2.877 billion RMB, up 95.16% year-on-year [3]. - The company plans to distribute a cash dividend of 4.5 RMB per 10 shares, with total cash dividends expected to be approximately 4.92 billion RMB, accounting for 33.65% of net profit [3]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 7.356 billion RMB, 9.425 billion RMB, and 11.143 billion RMB, respectively, with corresponding net profits of 1.041 billion RMB, 1.367 billion RMB, and 1.693 billion RMB [11]. - The company’s PE ratios are projected to be 11x, 8x, and 6x for the years 2024, 2025, and 2026, respectively [3][11]. Business Performance - The company has a planned capacity of 102GW for slicing, with 38GW already operational and an effective shipment of approximately 25.5GW in 2023 [3]. - The tungsten wire diamond wire segment is expected to see a shipment ratio exceeding 20% in 2024, with significant investments in R&D and capacity expansion [3]. Shareholder Returns - The company emphasizes shareholder returns, with a total cash dividend of approximately 4.92 billion RMB expected for the year, reflecting a commitment to profit sharing [3].