OLYMPIC(SH:603920) ZHONGTAI SECURITIES·2024-04-29 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in its performance, particularly in the automotive and data communication sectors, which are expected to drive future growth [7][8] - The company reported a revenue of 4.519 billion yuan in 2023, with a year-over-year growth of 1.96%, and a net profit of 496 million yuan, reflecting a year-over-year increase of 14.17% [5] - The company is focusing on high-value products and optimizing its product structure, which has contributed to its revenue and profit growth [5][7] Financial Forecast and Valuation - Revenue projections for the company are as follows: - 2022A: 4.432 billion yuan - 2023A: 4.519 billion yuan - 2024E: 5.216 billion yuan - 2025E: 6.299 billion yuan - 2026E: 7.079 billion yuan - Net profit projections are: - 2022A: 434 million yuan - 2023A: 496 million yuan - 2024E: 604 million yuan - 2025E: 717 million yuan - 2026E: 836 million yuan - The company’s P/E ratios are projected to decrease from 26.4 in 2022 to 13.7 in 2026, indicating an improving valuation [2][8] Business Highlights - The company has established itself as a key supplier in the automotive PCB sector, serving major brands such as Tesla, BMW, and Volkswagen, and is expanding its customer base [7] - In the data communication sector, the company has developed capabilities for high-layer and high-density interconnect PCBs, which are essential for AI servers [7] - The company has successfully entered the supply chain of major clients like Amazon and NVIDIA, indicating strong growth potential in the data communication field [7]