Raytron(SH:688002) Soochow Securities·2024-04-25 10:00Investment Rating - The investment rating for the company is "Buy" [10] Core Views - The company achieved a revenue of 3.56 billion yuan in 2023, representing a year-on-year growth of 34.50%, and a net profit attributable to shareholders of 496 million yuan, up 58.21% year-on-year [10] - The company is focusing on expanding its business through the establishment of two new subsidiaries, which will enhance its specialization in microwave semiconductors and photonic chips [9] - The infrared business is the main revenue driver, contributing 3.00 billion yuan, accounting for 84.48% of total revenue, with a growth rate of 34.59% [10] Financial Summary - Operating cash flow for 2023 is projected at 491 million yuan, with a net increase in cash of 500 million yuan [2] - The company’s earnings per share (EPS) for 2023 is estimated at 1.11 yuan, with a price-to-earnings (P/E) ratio of 26.88 [8] - The projected revenue for 2024 is 4.63 billion yuan, with a net profit forecast of 684 million yuan, reflecting a growth of 37.99% [10][8] Market Position - The company is positioned as a leader in the infrared industry, with significant market opportunities in both domestic and international sectors, particularly in defense and civil applications [10] - The total market capacity for infrared equipment in China exceeds 30 billion yuan, with increasing demand driven by national defense modernization [10] Future Outlook - The company has adjusted its net profit forecasts for 2024 and 2025 to 684 million yuan and 898 million yuan respectively, while introducing a new forecast for 2026 at 1.18 billion yuan [10] - The company maintains a strong competitive edge in the infrared market, supported by ongoing R&D investments and market expansion efforts [10]