DOUSON(603800) 东吴证券·2024-04-24 02:30Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of 5% to 15% over the next six months [14][16][51]. Core Insights - The company achieved a revenue of 2.24 billion yuan in 2023, a year-on-year increase of 2.2%, with lithium battery copper foil equipment revenue reaching 1.14 billion yuan, up 93% year-on-year, accounting for 50.83% of total revenue [6][15]. - The net profit attributable to shareholders for 2023 was 210 million yuan, a 92% increase year-on-year, while the net profit excluding non-recurring items was 150 million yuan, up 67% year-on-year [6][15]. - In Q1 2024, the company reported a revenue of 337 million yuan, down 13.5% year-on-year, but the net profit attributable to shareholders increased by 64.2% year-on-year to 29 million yuan [6][8]. Revenue and Profit Forecast - The company forecasts net profits attributable to shareholders of 260 million yuan, 400 million yuan, and 490 million yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic P/E ratios of 18, 12, and 10 times [16][39]. Financial Performance - The gross margin for 2023 was 25.3%, an increase of 4.3 percentage points year-on-year, with a net margin of 12.5%, up 4.8 percentage points year-on-year [15][22]. - As of Q1 2024, the gross margin was 25%, maintaining the year-on-year increase of 4.3 percentage points, while the net margin was 11.7%, up 2.9 percentage points year-on-year [15][22]. Inventory and Contract Liabilities - As of Q1 2024, the company's contract liabilities stood at 840 million yuan, a decrease of 10% year-on-year, while inventory was 1.01 billion yuan, down 15% year-on-year [2][26]. Employee Stock Ownership Plan - The company launched its first "Striver" employee stock ownership plan in December 2023, demonstrating confidence in long-term development with specific performance targets for revenue and patent applications [2][30]. Product Development - The company is leveraging vacuum equipment technology to develop composite copper foil and aluminum foil equipment, including innovative machines for dual-sided coating [28][44].