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23年归母净利润0.42亿元,同比增长377.19%,拓展电子和新能源汽车赛道

Investment Rating - The report maintains an "Outperform the Market" rating for the company [24][16]. Core Views - The company's net profit attributable to shareholders for 2023 is projected to be 0.42 billion yuan, representing a year-on-year increase of 377.19%, driven by the expansion into electronic and new energy vehicle sectors [4][27]. - The company achieved a revenue of 1.415 billion yuan in 2023, reflecting a growth of 15.96% compared to the previous year [27]. - The report highlights the company's strong technical innovation capabilities, diverse product offerings, and stable customer resources as key competitive advantages [5]. Financial Performance Summary - The company's revenue from silver brazing materials, copper-based brazing materials, and silver paste increased by 18.89%, 5.45%, and 100.23% respectively, reaching 0.69 billion, 0.62 billion, and 0.10 billion yuan [4]. - The gross profit margins for silver brazing materials, copper-based brazing materials, and silver paste changed by 5.24, 0.87, and -3.79 percentage points, resulting in margins of 16.65%, 9.37%, and 5.12% respectively [4]. - The total operating expenses increased by 0.62 percentage points to 10.09%, with sales, management, financial, and R&D expense ratios rising to 1.34%, 2.98%, 2.02%, and 3.75% respectively [4]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.71, 1.02, and 1.18 yuan respectively, with a reasonable valuation range of 22.72 to 24.85 yuan based on a PE ratio of 32-35 times for 2024 [16][8]. - The company is expected to achieve a revenue of 1.825 billion yuan in 2024, with a year-on-year growth rate of 29.0% [17]. Market Position and Strategy - The company is actively advancing new project constructions and technological improvements, with several projects reaching their intended operational status in 2023 [28]. - The company continues to implement share repurchase plans to enhance shareholder value and stimulate internal growth [5].