Newway Photomask(688401) 民生证券·2024-04-27 10:00Investment Rating - The report maintains a "Recommended" rating for the company, with a target price corresponding to a PE of 22/17/14 for the years 2024-2026 respectively [14]. Core Insights - The company achieved a revenue of 672 million yuan in 2023, representing a year-on-year growth of 5.06%. The net profit attributable to the parent company was 149 million yuan, up 24.23% year-on-year [14]. - In Q4 2023, the company reported revenue of 191 million yuan, a year-on-year increase of 28.28% and a quarter-on-quarter increase of 9.69%. The net profit attributable to the parent company for Q4 was 40 million yuan, reflecting a year-on-year growth of 16.78% [14]. - The company has made significant advancements in mask technology, with R&D expenditures reaching 35 million yuan in 2023, a 23.91% increase year-on-year, accounting for 5.24% of revenue [14]. - The company has successfully launched several new products in the mask technology sector, enhancing its technical capabilities in various applications [14]. - The company is actively investing in semiconductor mask production lines and upstream material companies to strengthen its supply chain and support domestic alternatives [14]. Financial Summary - The company forecasts net profits of 217 million yuan, 279 million yuan, and 340 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 22, 17, and 14 [14]. - The gross profit margin for 2023 was 35.10%, with a projected increase in total assets from 2,323 million yuan in 2024 to 3,212 million yuan by 2026 [11][14]. - The company’s total liabilities are expected to rise from 812 million yuan in 2024 to 1,084 million yuan by 2026, indicating a strategic expansion in operations [11][14].