2023年年报点评：业绩有所承压，期待经营改善

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][9]. Core Views - The company achieved a revenue of 5.01 billion yuan in 2023, representing a year-on-year increase of 6.2%, while the net profit attributable to shareholders decreased by 24.4% to 107 million yuan [4]. - The report highlights the company's ongoing challenges due to weak downstream demand, but it remains optimistic about the company's innovation capabilities and long-term growth prospects in the new materials sector [9][10]. Revenue and Profitability - Display materials revenue reached 3.27 billion yuan in 2023, up 4.7% year-on-year, with a gross margin of 11.2%, down 2.4 percentage points [2]. - Application materials generated 1.58 billion yuan in revenue, a 9.5% increase year-on-year, but the profit margin fell by 20% [3]. - The company reported a significant decline in operating cash flow, down 67.5% year-on-year to 133 million yuan [4]. Sales Performance - The sales volume of new materials and new display materials increased by 6.7% and 30.4% respectively, while ultra-thin electronic glass saw a remarkable growth of 56.4% [2]. - The company successfully entered the supply chains of major international clients such as LGD and Samsung for display modules [2]. Financial Forecasts - The report has revised down the net profit forecasts for 2024 and 2025 to 209 million yuan and 294 million yuan, respectively, reflecting a reduction of 25% and 21% from previous estimates [9]. - The introduction of a new profit forecast for 2026 is set at 347 million yuan [9]. Cost and Margin Analysis - The company's gross margin for 2023 was reported at 13.25%, a decrease of 3.87 percentage points, attributed to weak industry demand and rising raw material costs [10]. - The final net profit margin was 3%, down 1.84 percentage points year-on-year [10]. Market Data - The current stock price is 10.85 yuan, with a total market capitalization of 10.249 billion yuan [6]. - The stock has seen a 127% turnover rate over the past three months [6]. Valuation Metrics - The report provides a P/E ratio of 73 for 2022, decreasing to 30 by 2026, indicating a potential improvement in valuation as earnings grow [5][18]. - The P/B ratio remains stable at around 2.5, suggesting consistent market valuation relative to book value [5][18].