Novoray(SH:688300) Changjiang Securities·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" and maintained [24][8]. Core Insights - The company reported a revenue of 710 million yuan in 2023, representing a year-on-year growth of 7.51%, while the net profit attributable to the parent company was 170 million yuan, a decrease of 7.57% year-on-year [24]. - The company is experiencing a structural optimization of its product offerings, with a focus on high-end products, which has contributed to revenue growth despite challenges in the supply chain [24][25]. - The global advanced packaging market is projected to grow significantly, providing new growth opportunities for the company, particularly in high-density packaging materials and specialized silicon powders [7][8]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 200 million yuan, reflecting a year-on-year increase of 15.3% and a quarter-on-quarter growth of 2% [25]. - The sales volume of angular products was 70,600 tons, up 3.02% year-on-year, while spherical products saw a sales volume of 25,800 tons, an increase of 8.37% year-on-year [6]. - The gross margin for angular products was 32.75%, down 2.66 percentage points year-on-year, while spherical products had a gross margin of 46.22%, up 3.17 percentage points year-on-year [6]. Product Development and Market Trends - The company is actively launching new products tailored for emerging trends in various sectors, including EMC, LMC, and high-frequency circuit boards, which are expected to enhance its market position [26]. - The demand for spherical silicon powder and high-purity spherical alumina powder is increasing, driven by advancements in communication devices, consumer electronics, and automotive electronics [7].