公司2023年报及2024年一季报点评报告：成本上涨致业绩承压，中硼硅药玻加速布局

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of performance that will exceed the market by over 20% [17][16]. Core Insights - The company achieved a revenue of 947 million yuan in 2023, representing a year-on-year increase of 15.25%, but the net profit attributable to shareholders decreased by 43.49% to 66 million yuan [20]. - The decline in gross margin is attributed to rising raw material costs and a decrease in sales prices due to centralized procurement trends [20][27]. - The company is expected to see significant growth in its mid-boron medicinal glass segment, with new production capacity coming online [2][20]. Financial Performance Summary - In 2023, the company reported revenues of 9.47 billion yuan, with a gross margin of 17.44%, down 4.65 percentage points year-on-year [20]. - The gross margin for the first quarter of 2024 is projected at 20.72%, reflecting a year-on-year increase of 0.99 percentage points [20]. - The company’s operating expenses ratio for 2023 was 10.83%, up 2.58 percentage points year-on-year, with specific increases in sales and R&D expenses [20]. Revenue and Profit Forecast - Revenue is projected to grow to 1.27 billion yuan in 2024, with a year-on-year growth rate of 34.1% [28]. - The net profit attributable to shareholders is expected to rebound to 142 million yuan in 2024, representing a year-on-year increase of 115.2% [28]. - Earnings per share (EPS) are forecasted to be 0.61 yuan in 2024, with a price-to-earnings (P/E) ratio of 24.3 times [28].