Investment Rating - The investment rating for the company is "Buy" (maintained) [1][33] Core Views - The report highlights a significant increase in revenue driven by downstream photovoltaic demand, with a 171% growth in photovoltaic revenue to 83 million yuan in 2023. The company is also increasing the proportion of 8-12 inch high-end quartz products as certification progresses [4][33] - The company achieved a revenue of 260 million yuan in 2023, reflecting a 43.1% year-over-year growth, although the net profit attributable to shareholders decreased by 29.6% to 38 million yuan due to increased costs and expenses from the consolidation of Kaide Xinjing [33] - The report projects that the company's net profit for 2024-2026 will be 45 million, 62 million, and 79 million yuan respectively, with corresponding EPS of 0.60, 0.83, and 1.06 yuan per share, indicating a positive outlook driven by product certification and market positioning [33] Financial Summary - The company reported a total revenue of 182 million yuan in 2022, which increased to 260 million yuan in 2023, with projections of 303 million yuan for 2024 [20] - The gross profit margin decreased from 48.1% in 2022 to 38.9% in 2023, with expectations of gradual recovery to 42.7% by 2026 [20] - The total assets of the company increased from 852 million yuan in 2022 to 953 million yuan in 2023, with a projected increase to 1212 million yuan by 2026 [23]
北 交12英寸认证推进及产能释放蓄势新一轮增长，并表凯德芯贝盈利短期承压 所 凯德石英（835179.BJ）研究北交所信息更新