BAMC(SH:601137) Guoxin Securities·2024-04-28 08:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27] Core Views - The company achieved a revenue of 17.76 billion yuan in 2023, representing a year-on-year growth of 32.03%, and a net profit of 1.12 billion yuan, which is a 109.21% increase year-on-year [27][50] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares, totaling approximately 351 million yuan [27][50] - The company has seen significant improvements in profitability, with a gross margin of 17.25% and a net margin of 6.33% in 2023 [27][31] Financial Performance - In 2023, the company reported a gross margin increase of 4.31 percentage points and a net margin increase of 2.33 percentage points compared to the previous year [27][31] - The company’s total assets reached 16.35 billion yuan in 2023, with a debt ratio of 56.52%, down 1.94 percentage points from 2022 [27][31] - The company’s revenue is projected to grow to 20.33 billion yuan in 2024, with a year-on-year growth rate of 14.51% [27][58] Segment Performance - The new materials segment achieved a sales volume of 197,000 tons in 2023, a 12% increase year-on-year, although the net profit per ton decreased by 23% to 1,431 yuan [27][56] - The renewable energy segment saw a sales volume of 2,564 MW, a significant increase of 118% year-on-year, with net profit rising by 299% to 842 million yuan [27][57] Future Outlook - The company is expected to maintain its leading position in the domestic copper alloy new materials sector and continue to capture growth in the U.S. renewable energy market [27][59] - The company’s earnings forecast has been raised, with expected net profits of 1.49 billion yuan in 2024, reflecting a year-on-year growth of 32.88% [27][58]