NBSS(SH:600884) Minsheng Securities·2024-04-28 03:00Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company experienced a decline in revenue and net profit in 2023, with revenue at 19.07 billion yuan, down 12.13% year-on-year, and net profit at 0.765 billion yuan, down 71.56% year-on-year [1][2]. - In Q1 2024, the company reported revenue of 3.752 billion yuan, a decrease of 15.67% year-on-year, and a net loss of 0.073 billion yuan, a significant decline compared to the previous year [1]. - The company solidified its leading position in the anode materials sector, achieving a 19% market share in China, with a 44.55% increase in sales volume [1][2]. - The company is advancing its polarizer technology and plans to acquire LG Chem's SP business for 1.407 billion yuan to enhance its product offerings [1][2]. - Revenue projections for 2024-2026 are 21.575 billion yuan, 23.355 billion yuan, and 26.144 billion yuan, with expected net profits of 1.231 billion yuan, 1.591 billion yuan, and 1.834 billion yuan respectively [1][2]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 19.07 billion yuan and a net profit of 0.765 billion yuan, with significant declines in both metrics compared to the previous year [1][2]. - Q1 2024 results showed a revenue of 3.752 billion yuan and a net loss of 0.073 billion yuan, indicating a substantial year-on-year decline [1]. Market Position - The company holds a 19% market share in the domestic anode materials market, with a notable 44.55% increase in sales volume in 2023 [1][2]. - The company has established a comprehensive production capacity of 700,000 tons domestically and plans for 100,000 tons overseas [1]. Technological Advancements - The company has filed over 1,000 patents related to LCD polarizers, with 1,149 patents granted, including 1,067 invention patents [1]. - A significant breakthrough in polarizer technology was achieved, enabling mass production of large-size polarizers for high-definition displays [1]. Future Outlook - Revenue forecasts for 2024-2026 indicate growth rates of 13.1%, 8.2%, and 11.9% respectively, with net profit growth rates of 60.8%, 29.3%, and 15.3% [1][2]. - The current closing price corresponds to a PE ratio of 20, 16, and 14 for the years 2024-2026 [2].