2023年年报及2024年一季报点评：4Q23营收同比增长34%；12个高性能结构件研发成功

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company achieved a revenue of 2.09 billion yuan in 2023, representing a year-on-year growth of 21.6%, with a net profit attributable to shareholders of 538 million yuan, up 10.0% year-on-year [3]. - In Q1 2024, the company reported a revenue of 410 million yuan, down 17.8% year-on-year, and a net profit of 80 million yuan, down 30.8% year-on-year, reflecting the impact of a slowdown in industry demand [3]. - The company has successfully developed 12 high-performance composite material structural components, which are expected to contribute to future performance as downstream demand recovers [3]. - The company’s gross margin for 2023 was 49.5%, with a net margin of 27.5%, indicating strong profitability despite some fluctuations [3]. - The company is recognized as a leader in high-end quartz materials in China, with significant certifications from major semiconductor manufacturers [3]. Financial Summary - Revenue projections for 2024 to 2026 are 2.39 billion yuan, 2.98 billion yuan, and 3.70 billion yuan, respectively, with growth rates of 14.5%, 24.5%, and 24.1% [2][6]. - Net profit forecasts for the same period are 620 million yuan, 779 million yuan, and 1.00 billion yuan, with growth rates of 15.4%, 25.5%, and 28.5% [2][6]. - The company’s earnings per share (EPS) are projected to increase from 1.03 yuan in 2023 to 1.93 yuan in 2026 [2][6]. - The price-to-earnings (PE) ratio is expected to decrease from 26 in 2023 to 14 in 2026, indicating potential for valuation improvement [2][6]. Product Performance - In 2023, revenue from quartz products grew by 52.2% to 680 million yuan, while quartz materials revenue increased by 9.7% to 1.34 billion yuan [3]. - The company’s subsidiary, Shanghai Shichuang, saw a revenue increase of 56.8% to 670 million yuan, and net profit growth of 25.2% to 60 million yuan [3]. - The company has increased its research and development efforts, with R&D expenses rising to 10.7% of total revenue [3].