Huangma Technology(SH:603181) Haitong Securities·2024-04-22 07:32Investment Rating - The report maintains an "Outperform the Market" rating for the company [11]. Core Views - In 2023, the company reported a revenue of 1.894 billion yuan, a decline of 13.21% year-on-year, and a net profit attributable to shareholders of 325 million yuan, down 31.94% year-on-year. The non-GAAP net profit was 295 million yuan, reflecting a decrease of 7.90% year-on-year [13]. - The company is focusing on high-margin niche products to drive profit growth, particularly in high-end electronic chemicals and functional new material resins. It has exited the production of large-volume water-reducing agents [13]. - The company aims to establish a world-class platform for specialty surfactants, expanding into strategic emerging products and addressing key industry technology challenges [13]. - The company has established partnerships with renowned universities and research institutions for technological innovation and product development, resulting in numerous new product trials and standards [13]. - The ongoing projects are expected to support future growth, with significant capacity expansions planned [13]. - Profit forecasts for 2024-2026 estimate net profits of 381 million, 474 million, and 593 million yuan, respectively, with a projected price-to-earnings ratio of 18-21 times for 2024, indicating a reasonable value range of 11.70-13.65 yuan per share [13]. Financial Summary - Revenue (million yuan): 2022: 2,182; 2023: 1,894; 2024E: 2,086; 2025E: 2,527; 2026E: 3,078 [5]. - Net Profit (million yuan): 2022: 477; 2023: 325; 2024E: 381; 2025E: 474; 2026E: 593 [5]. - Gross Margin (%): 2023: 24.6%; 2024E: 25.5%; 2025E: 25.4%; 2026E: 25.4% [5]. - Return on Equity (%): 2023: 11.8%; 2024E: 12.2%; 2025E: 13.2%; 2026E: 14.2% [5].