Jia Yuan Technology(688388) 光大证券·2024-04-29 02:33Investment Rating - The report maintains a "Buy" rating for the company [14][15]. Core Insights - The company has developed a leading ultra-thin copper foil product, enhancing the safety of lithium batteries and advancing the mass production of composite copper foil [3]. - In 2023, the company invested 235 million yuan in R&D, accounting for 4.74% of its revenue [3]. - The company’s revenue for 2023 was 4.969 billion yuan, a year-on-year increase of 7.06%, while net profit decreased by 96.34% to 19 million yuan [13]. - The company’s copper foil production reached approximately 58,000 tons in 2023, a year-on-year increase of 9.69%, with sales of 57,600 tons, up 17.47% [9]. - The company is expected to reach a total production capacity of 200,000 tons by 2025, with ongoing projects in Jiangxi and Ningde [9]. Financial Performance - The company’s gross margin for 2023 was 5.83%, down 14.01 percentage points from the previous year, and the net margin was 0.33%, down 10.87 percentage points [13]. - The earnings per share (EPS) for 2023 was 0.04 yuan, compared to 1.71 yuan in 2022 [20]. - The company’s return on equity (ROE) was 0.27% in 2023, a significant decline from 7.14% in 2022 [4][20]. Market Data - The total market capitalization of the company is 6.1 billion yuan, with a total share capital of 426 million shares [5]. - The stock price has fluctuated between 13.31 yuan and 38.96 yuan over the past year [5]. - The turnover rate over the last three months is 69.36% [5]. Future Projections - The report projects a net profit of -31 million yuan for 2024, with a subsequent recovery to 214 million yuan in 2025 and 362 million yuan in 2026 [14]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are NA, 29, and 17, respectively [14].