Darbond Technology (SH:688035) Guohai Securities·2024-04-21 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has achieved a revenue of 932 million yuan in 2023, a slight increase of 0.37% year-on-year, while the net profit attributable to shareholders decreased by 16.31% to 103 million yuan [59][72] - The decline in profit is attributed to a slowdown in the new energy packaging materials sector and weak recovery in consumer electronics demand, leading to a slight decrease in sales [59][73] - The integrated circuit packaging materials segment saw a small revenue growth of 2.11% in 2023, driven by increased efforts in new product and customer development [59][73] - The company is expected to benefit from domestic substitution in integrated circuit packaging materials, with several products achieving breakthroughs and anticipated volume growth [62][99] Financial Data Summary - The company’s projected revenues for 2024, 2025, and 2026 are 1.188 billion yuan, 1.521 billion yuan, and 1.870 billion yuan, respectively, with corresponding net profits of 147 million yuan, 193 million yuan, and 255 million yuan [99][100] - The projected P/E ratios for the same years are 29.70, 22.68, and 17.16 [99][100] - The gross profit margin for 2023 was reported at 29.19%, a decrease of 1.10 percentage points year-on-year [72][99] - R&D expenses for 2023 were 62 million yuan, reflecting a year-on-year increase of 32.75% [61][36]