Senior(300568) 华金证券·2024-04-19 14:31Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected investment return exceeding 15% over the next six months [1][2]. Core Insights - The company has experienced rapid growth in membrane shipments, with a significant increase in overseas orders. In 2023, the company achieved a membrane material shipment of 2.529 billion square meters, representing a year-on-year growth of 48.49% [1][2]. - The company plans substantial investments in new production bases, including a 10 billion yuan investment in Guangdong and up to 5 billion yuan in Malaysia for lithium battery membrane production [1]. - Strategic partnerships have been established with major players like LG Energy and Samsung SDI, aiming for a global cooperation framework for membrane procurement [1][2]. Financial Performance - In 2023, the company reported total revenue of 3.013 billion yuan, a year-on-year increase of 4.62%, while net profit attributable to shareholders was 576 million yuan, down 19.87% [1][3]. - For Q1 2024, the company achieved a revenue of 715 million yuan, up 7.51% year-on-year, but net profit dropped 41.45% to 107 million yuan [1]. - The company's gross margin for 2023 was 44.42%, a slight decrease of 1.15 percentage points year-on-year, with a net margin of 19.70%, down 6.25 percentage points [1][3]. Future Projections - The company’s net profit forecasts for 2024, 2025, and 2026 are 698 million yuan, 965 million yuan, and 1.283 billion yuan, respectively, with corresponding P/E ratios of 19.5, 14.1, and 10.6 [2][3]. - Revenue is expected to grow significantly, with projections of 3.727 billion yuan in 2024, 4.846 billion yuan in 2025, and 6.299 billion yuan in 2026, reflecting year-on-year growth rates of 23.7%, 30.0%, and 30.0% [3][5]. Research and Development - The company has made significant advancements in R&D, with a focus on new product development, including high-safety polyimide-coated membranes and solid electrolyte composite membranes [1]. - As of the end of 2023, the company invested 242 million yuan in R&D, a year-on-year increase of 16.97%, and has filed 558 patents, including 118 international patents [1].