CFMEE(SH:688630) Huaan Securities·2024-04-24 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 829 million yuan in 2023, representing a year-on-year increase of 27.07%. The net profit was 179 million yuan, up 31.28% year-on-year, with a gross margin of 42.62%, which decreased by 0.54 percentage points [1] - In Q4 2023, the company achieved a revenue of 305 million yuan, a year-on-year increase of 26.69%, and a quarter-on-quarter increase of 48.69%. The net profit for this quarter was 61 million yuan, up 24.74% year-on-year and 33.03% quarter-on-quarter [1] - For Q1 2024, the company reported a revenue of 198 million yuan, a year-on-year increase of 26.26%, and a net profit of 40 million yuan, up 18.66% year-on-year [1] - The company is focusing on high-end PCB products and expanding its international market presence, with significant revenue growth from overseas sales [1][3] Financial Performance Summary - The company forecasts revenues of 1.19 billion yuan, 1.53 billion yuan, and 1.84 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 268 million yuan, 355 million yuan, and 454 million yuan [5][6] - The gross margin is expected to improve gradually from 42.62% in 2023 to 45.5% in 2026 [6] - The diluted EPS is projected to be 2.04 yuan, 2.70 yuan, and 3.46 yuan for 2024, 2025, and 2026, respectively [5][6] - The company maintains a strong financial position with a total market capitalization of 76.68 billion yuan [1]