CFMEE(SH:688630) Guohai Securities·2024-04-28 00:00Investment Rating - The report maintains a "Buy" rating for the company [1][3][6] Core Views - The company is expected to achieve revenues of 1.182 billion, 1.641 billion, and 2.134 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 279 million, 394 million, and 519 million yuan [3][5] - The company has a significant competitive advantage in PCB direct-write lithography equipment and is accelerating its layout in the fields of semiconductor and photovoltaic copper plating products [3][6] Financial Performance Summary - In 2023, the company achieved a revenue of 829 million yuan, a year-on-year increase of 27.07%, and a net profit of 179 million yuan, up 31.28% [16][24] - For Q1 2024, the company reported a revenue of 198 million yuan, a 26.26% increase year-on-year, and a net profit of 40 million yuan, an 18.66% increase [16][24] - The company's revenue growth rates are projected at 43% for 2024, 39% for 2025, and 30% for 2026 [5][6] Profitability Metrics - The company's gross margin for 2023 was 42.62%, with a net profit margin of 21.63% [24] - The projected return on equity (ROE) is expected to rise from 9% in 2023 to 16% by 2026 [5][6] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 59.70 in 2023 to 15.97 by 2026 [5][6] - The price-to-book (P/B) ratio is expected to decline from 5.52 in 2023 to 2.58 in 2026 [5][6]