Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.96 CNY, expecting a recovery in annual performance [1]. Core Views - The company has formed a core product system consisting of diamond single crystals, diamond micropowder, and cultivated diamonds, which enhances its ability to respond quickly to market demands [2][3]. - The company plans to focus on expanding its presence in the cultivated diamond downstream market and enhance its brand system and retail flagship stores in 2024 [1][3]. - The company aims to increase R&D investment to ensure continuous innovation and improve product quality and production efficiency [1][3]. Financial Performance Summary - In Q1 2024, the company reported revenue of 240 million CNY, a 45% increase year-on-year, and a net profit of 110 million CNY, up 42% [1]. - For the full year 2023, the company reported revenue of 750 million CNY, a decrease of 17%, and a net profit of 360 million CNY, down 21% [1]. - The company plans to achieve revenues of 1.10 billion CNY, 1.40 billion CNY, and 1.71 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 520 million CNY, 652 million CNY, and 803 million CNY [4][9]. Product Segmentation - In 2023, diamond single crystal revenue was 210 million CNY (27% of total revenue), up 17.7%, while diamond micropowder revenue was 300 million CNY (39% of total revenue), down 6.5% [1]. - Cultivated diamond revenue was 230 million CNY (30% of total revenue), down 41.5% [1]. Strategic Initiatives - The company will continue to enhance management capabilities and optimize production processes to improve efficiency and reduce costs [1][3]. - The focus will be on technological upgrades and optimizing product and customer structures to maintain a competitive edge in the photovoltaic new energy sector [1][3].
期待全年业绩复苏