Qingdao Gaoce(SH:688556) Southwest Securities·2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in photovoltaic cutting equipment, with strong prospects for its diamond wire sales and cutting business due to capacity expansion and technological advancements [1] - The projected net profits for the company are expected to be 1.15 billion, 1.45 billion, and 1.82 billion yuan for the years 2024, 2025, and 2026 respectively [1] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 6.18 billion yuan, representing a year-on-year increase of 73.2%, and a net profit of 1.46 billion yuan, up 85.3% year-on-year [13] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares and a capital reserve conversion of 6 shares for every 10 shares held [13] Product and Market Insights - The sales of photovoltaic cutting equipment doubled in 2023, with revenue reaching 2.88 billion yuan and sales volume of 3,097 units, reflecting a year-on-year growth of 105% [9] - The company’s diamond wire sales reached over 38 million kilometers in 2023, with a gross margin increase of over 15 percentage points to 58.6% [5] Future Projections - The company expects its photovoltaic cutting equipment sales to be 2,800, 2,500, and 3,000 units for the years 2024, 2025, and 2026 respectively, with a gross margin maintained at 30% [11] - The projected revenue for the company from various segments is expected to grow significantly, with total revenue forecasted to reach 9.53 billion yuan by 2026 [16]