GUIBAO TECH(SZ:300019) KAIYUAN SECURITIES·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][14]. Core Views - The company's performance met expectations, with a steady advancement in investment and acquisitions driving growth momentum [4]. - The company reported a revenue of 2.606 billion yuan in 2023, a decrease of 3.3% year-on-year, while the net profit attributable to shareholders was 315 million yuan, an increase of 25.9% year-on-year [4]. - The company plans to invest 150 million yuan in a new R&D center and acquire 100% of Jiangsu Jiahua Hot Melt Adhesive, which is expected to enhance its growth potential [5]. Financial Performance Summary - Revenue and Profit: - 2023 revenue: 2.606 billion yuan, down 3.3% YoY - 2023 net profit: 315 million yuan, up 25.9% YoY - Q4 2023 revenue: 693 million yuan, up 2.6% YoY, down 3.6% QoQ - Q4 2023 net profit: 91.64 million yuan, up 8.5% YoY, up 0.4% QoQ [4][6]. - Profitability Metrics: - Gross margin for 2023: 25.3%, up 5.78 percentage points YoY - Net margin for 2023: 12.1%, up 2.81 percentage points YoY [4][6]. - Earnings Forecast: - Expected net profit for 2024: 419 million yuan - Expected net profit for 2025: 539 million yuan - Expected net profit for 2026: 667 million yuan - Corresponding EPS for 2024: 1.07 yuan, 2025: 1.38 yuan, 2026: 1.71 yuan [4][6]. Market Position and Strategy - The company is focusing on the new materials industry, with planned investments and acquisitions aimed at achieving a target production value of 10 billion yuan [5]. - The company is experiencing improved profitability due to lower raw material prices, which have positively impacted product pricing and margins [4].