Investment Rating - The report maintains a rating of "Accumulate" for the company [4][22]. Core Views - The company reported a revenue of 363 million yuan in Q1 2024, representing a year-on-year growth of 17.87%, and a net profit attributable to the parent company of 53 million yuan, up 69.19% year-on-year [3]. - The overall revenue for 2023 reached 1.572 billion yuan, marking a year-on-year increase of 20.83%, with a net profit of 256 million yuan, up 54.11% [10]. - The company is experiencing a recovery in downstream demand, particularly in consumer electronics, new energy, smart manufacturing, and 5G commercial technologies, which are driving new growth points [9]. - The gross profit margin for the company improved to 35.82% in 2023, an increase of 6.37 percentage points year-on-year, with specific product lines such as electronic packaging thin carrier tape achieving a gross margin of 40.52% [17]. Financial Summary - The company expects to achieve a net profit of 334 million yuan in 2024, corresponding to a PE ratio of 26.0, and 464 million yuan in 2025, with a PE ratio of 18.7 [22]. - The projected revenue for 2024 is 2.006 billion yuan, with a year-on-year growth of 27.6%, and for 2025, it is expected to reach 2.712 billion yuan, growing by 35.2% [16]. - The company’s return on equity (ROE) is projected to increase from 8.6% in 2023 to 10.5% in 2024 and further to 14.6% by 2026 [16].
行业景气度回升，离型膜放量打开成长空间