GUIBAO TECH(SZ:300019) KAIYUAN SECURITIES·2024-04-22 16:00Investment Rating - The investment rating for the company is "Buy" [13][29]. Core Views - The company is experiencing pressure on Q1 performance but is making steady progress in the construction of silicon-carbon anode projects and customer certifications, aiming for a target of 10 billion yuan in output [13][25]. - The company reported Q1 revenue of 475 million yuan, a year-on-year decrease of 10.59% and a quarter-on-quarter decrease of 31.54%, with a net profit attributable to shareholders of 40.12 million yuan, down 27.04% year-on-year and 56.22% quarter-on-quarter [6]. - The company is focusing on the new materials industry, consolidating its leading position in the construction adhesive sector, increasing market share in industrial adhesives, and actively expanding into the new energy and lithium battery materials sectors [6][25]. Financial Summary - Revenue is projected to grow from 2.606 billion yuan in 2023 to 3.122 billion yuan in 2024, representing a year-on-year growth of 19.8% [26]. - Net profit attributable to shareholders is expected to increase from 315 million yuan in 2023 to 419 million yuan in 2024, reflecting a year-on-year growth of 33.0% [26]. - The company's gross margin is forecasted to improve from 25.3% in 2023 to 27.4% in 2024, while the net margin is expected to rise from 12.1% to 13.4% in the same period [26]. - The earnings per share (EPS) is projected to increase from 0.81 yuan in 2023 to 1.07 yuan in 2024 [26]. Market Position and Strategy - The company is actively pursuing investment and mergers to drive growth and achieve its target of 10 billion yuan in output [6][25]. - The silicon-carbon anode project has completed infrastructure construction and is now in the equipment installation phase, with plans to establish a production line for 3,000 tons per year in 2024 [25]. - The company has received positive feedback from customers in the battery sector, indicating successful product testing and order acquisition [25].