Novoray(688300) 国泰君安·2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 56.43 CNY [11][21]. Core Views - The company is expected to benefit from the recovery in semiconductor demand and the optimization of its production capacity structure. The performance in 2023 met expectations, with revenue of 7.12 billion CNY, a year-on-year increase of 7.51%, and a net profit of 1.74 billion CNY, a decrease of 7.57% year-on-year [11][21]. - The demand for high-end packaging products is anticipated to grow rapidly due to the increasing computational power requirements [11][21]. Financial Summary - The company achieved a revenue of 7.12 billion CNY in 2023, with a year-on-year growth of 7.51% and a net profit of 1.74 billion CNY, reflecting a year-on-year decline of 7.57% [11][21]. - The report forecasts revenues of 8.84 billion CNY in 2024, 10.44 billion CNY in 2025, and 11.37 billion CNY in 2026, indicating a positive growth trajectory [21]. - The net profit is projected to reach 2.34 billion CNY in 2024, 2.87 billion CNY in 2025, and 3.25 billion CNY in 2026 [21]. Market Position and Industry Outlook - The company is positioned as a leading manufacturer of silicon micro-powder in China, focusing on high-end products that are in demand across various industries, including electronics and aerospace [21]. - The report highlights that the global advanced packaging market is expected to grow at a CAGR of 24.31% from 2022 to 2028, which will benefit the company significantly [11][21].