国产存储崛起，前驱体龙头尽享红利

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown strong financial performance with a revenue of 4.738 billion yuan in 2023, a year-on-year increase of 11.24%, and a net profit of 579 million yuan, up 10.43% year-on-year. The first quarter of 2024 saw a significant revenue increase of 51.09% year-on-year, reaching 1.618 billion yuan, and a net profit increase of 42.21% year-on-year, amounting to 246 million yuan [1][2]. - The domestic semiconductor industry is entering an expansion phase, driven by leading IDM manufacturers, which opens up demand for core semiconductor materials. The company is positioned to benefit from this trend as it is the only domestic semiconductor precursor manufacturer [1][2]. - The recovery in the storage industry and the high demand for HBM (High Bandwidth Memory) are expected to drive growth in the precursor segment, with significant orders from major players like SK Hynix and Samsung [1][2]. Financial Summary - The company’s projected revenues for 2024-2026 are 6.910 billion yuan, 8.150 billion yuan, and 8.650 billion yuan, respectively, with corresponding net profits of 1.040 billion yuan, 1.248 billion yuan, and 1.438 billion yuan. The PE ratios for these years are expected to be 27.8, 23.1, and 20.1, indicating a relatively safe valuation compared to peers in the semiconductor materials sector [2][3][4]. - The financial indicators show a consistent growth trajectory, with a projected revenue growth rate of 45.8% in 2024 and net profit growth of 79.4% in the same year [3][11]. Industry Context - The report highlights the resurgence of the domestic storage industry, with major manufacturers like Changxin and Changcun ramping up production capacity. This trend is supported by advancements in production technology and favorable national policies [1][2]. - The demand for HBM is expected to surge, with major companies planning to significantly increase their production capacities in the coming years, which will further benefit the company as a key supplier of semiconductor precursors [1][2].