Yoke Technology(SZ:002409) EBSCN·2024-04-29 07:02Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Insights - The company has doubled its revenue from LNG insulation materials in 2023, continuously driving the construction of a strategic emerging materials platform [1][5] - The company achieved a revenue of 4.738 billion yuan in 2023, representing a year-on-year growth of 11.24%, and a net profit attributable to shareholders of 579 million yuan, up 10.43% year-on-year [4][5] - The company plans to acquire a 75.10% stake in SKC-ENF for up to 50 billion Korean won to enhance its electronic materials business [5] Revenue Performance - In 2023, the company generated revenue of 32.1 billion yuan from electronic materials, 8.6 billion yuan from LNG insulation materials, and 2.7 billion yuan from flame retardants, with year-on-year changes of -0.65%, +114%, and -34.5% respectively [6] - The company’s LNG insulation materials sales volume reached 102,000 cubic meters in 2023, a significant increase of 114% due to strong demand from major clients [6] Financial Forecasts - The company’s net profit forecasts for 2024, 2025, and 2026 are 968 million yuan (down 9.0%), 1.203 billion yuan (down 10.6%), and 1.452 billion yuan respectively [5][7] - The company’s revenue is expected to grow at rates of 36.71%, 25.83%, and 25.04% for the years 2024, 2025, and 2026 respectively [7] R&D and Product Development - The company maintained a high R&D intensity with R&D expenses reaching 190 million yuan in 2023, a year-on-year increase of 48.8% [6] - The company has made significant progress in developing low-temperature RGB photoresists for OLED applications and advanced packaging photoresists, which are currently in client testing [5]