公司年报点评：公司归母净利润稳步增长，持续完善产业布局

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved a revenue of 3.859 billion yuan in 2023, representing a year-on-year growth of 21.86%, and a net profit attributable to the parent company of 569 million yuan, which is a 14.50% increase year-on-year [6][9] - The electronic materials segment generated revenue of 598 million yuan, accounting for 15.51% of total revenue, with a gross margin of 37.58% [6][9] - The catalyst materials segment achieved revenue of 715 million yuan, representing 18.53% of total revenue, with a gross margin of 42.90% [6][9] - The biomedical materials segment reported revenue of 855 million yuan, making up 22.15% of total revenue, with a gross margin of 60.34% [6][9] - The company is actively enhancing its product layout across various segments, including electronic materials, catalyst materials, biomedical materials, and precision ceramics [5][6] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 3.859 billion yuan and a net profit of 569 million yuan, with respective year-on-year growth rates of 21.86% and 14.50% [6][9] - The projected net profits for 2024, 2025, and 2026 are estimated at 750 million yuan, 919 million yuan, and 1.115 billion yuan, respectively [5][9] Segment Analysis - The catalyst materials segment is expected to generate sales of 1.117 billion yuan in 2024, with a gross margin of 43.00% [7] - The biomedical materials segment is projected to achieve sales of 672 million yuan in 2024, maintaining a gross margin of 60.00% [7] - The electronic materials segment is forecasted to have sales of 1.079 billion yuan in 2024, with a gross margin of 38.00% [7] Valuation and Forecast - The reasonable valuation for the company is estimated at a PE ratio of 25-30 times for 2024, translating to a fair value range of 18.75 to 22.50 yuan per share [5][6] - The company is expected to maintain a gross margin of around 38.3% to 39.3% from 2024 to 2026 [9][10]