First(603806) 中银证券·2024-04-14 16:00Investment Rating - The investment rating for the company is "Accumulate" [1][3] Core Views - The company maintains its leading position in the photovoltaic film sector, with a significant increase in shipment volume and a robust growth in revenue and profit for 2023 [3][4] - The company has adjusted its earnings forecast for 2024-2026, reflecting a strong outlook based on its market position and production capacity [3][4] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of RMB 22.59 billion, representing a year-on-year growth of 19.66%, and a net profit of RMB 1.85 billion, up 17.20% [3][5] - The fourth quarter of 2023 saw a remarkable profit of RMB 419 million, a year-on-year increase of 827.92% [3] - The company’s gross profit margin for photovoltaic film business was 14.29%, slightly down by 1.03 percentage points compared to the previous year [3] Market Position - The company holds a stable market share of approximately 50% in the photovoltaic film segment, with sales of photovoltaic films reaching 2.25 billion square meters, a growth of 70.22% year-on-year [3][4] - The company is expanding its product offerings to support new technologies such as TOPCon, HJT, and perovskite modules [3] Production Capacity - The company has a production capacity of 2.3 billion square meters of photovoltaic film, with an additional 1 billion square meters under construction, ensuring stable future shipments [3][4] Earnings Forecast - The adjusted earnings per share (EPS) for 2024-2026 are projected at RMB 1.36, RMB 1.79, and RMB 2.14 respectively, with corresponding price-to-earnings ratios of 18.8, 14.3, and 12.0 [3][4][5] - The company’s EBITDA is expected to grow significantly, reaching RMB 3.07 billion by 2024 [4][5] Shareholder Information - The major shareholder is Hangzhou Foster Technology Group Co., Ltd., holding 48.45% of the shares [2]