公司事件点评报告：业绩大幅增长，光刻胶打造第二增长极

Investment Rating - The report assigns an "Accumulate" rating for Tongcheng New Materials (603650.SH) [1] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 2.944 billion yuan, a year-on-year increase of 17.74%. The net profit attributable to shareholders was 407 million yuan, up 36.37% year-on-year, and the net profit after deducting non-recurring gains and losses increased by 82.29% to 386 million yuan [1][5] - The growth was driven by the optimization of the product structure in photoresists, successful R&D outcomes, and a recovery in the automotive market [1] - The company is making substantial progress in the semiconductor photoresist sector, with revenue from this segment reaching 201 million yuan, a year-on-year increase of 14.13%, and 44.12% of this revenue coming from new product sales [1][5] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2.944 billion yuan, with a growth rate of 17.7%. The net profit attributable to shareholders was 407 million yuan, reflecting a growth rate of 36.4% [7] - The company forecasts revenues of 3.637 billion yuan, 4.317 billion yuan, and 5.030 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.84, 0.99, and 1.16 yuan [5][7] Product Development - The company launched 7 new products in 2023, including high-resolution KrF photoresists and deep ultraviolet negative photoresists, which are expected to continue gaining market traction in 2024 [1] - In the display panel photoresist segment, the company achieved revenue of 261 million yuan, a year-on-year increase of 22.8%, holding a market share of approximately 22.1% [1] Market Position - The company is the leading domestic supplier in the display panel sector, with over 50% market share at major panel manufacturer BOE [1] - The company is also actively advancing its biodegradable materials business, with a project for 100,000 tons of biodegradable materials already partially completed [17]