POCO(SZ:300811) Tebon Securities·2024-04-23 13:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated rapid growth in its 2023 annual report, with operating revenue reaching 1.159 billion yuan, a year-on-year increase of 8.71%, and a net profit attributable to shareholders of 256 million yuan, up 32.48% year-on-year [4] - The company has successfully developed a series of chip inductors specifically for AI chips, achieving mass production and strong product competitiveness, with significant orders from leading GPU manufacturers [4] - The company plans to expand its chip inductor production capacity from 5 million pieces per month in 2023 to 10-15 million pieces per month in early 2024, indicating a promising growth outlook for chip inductors [4] Financial Performance Summary - In 2023, the company's revenue from magnetic soft magnetic powder cores in communication and server power supply applications saw rapid growth, while the automotive and photovoltaic sectors remained stable [5] - The company forecasts revenues of 1.588 billion yuan, 2.118 billion yuan, and 2.592 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 353 million yuan, 476 million yuan, and 576 million yuan for the same years [5] - The average annual compound growth rate of net profit from 2023 to 2026 is expected to be 31.09% [5] Stock Data and Valuation - The total market capitalization of the company is approximately 11.05 billion yuan, with a total share capital of 198.86 million shares [6] - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 31.24, 23.18, and 19.17 respectively [6] - The company's gross margin is expected to remain around 39.6% in 2024, slightly decreasing to 38.9% by 2026 [6]