SQM(688138) 海通国际·2024-04-30 01:30Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 27.15 per share [115][123] Core Views - The company's revenue and net profit are expected to grow significantly, driven by the development of new products by panel manufacturers and the improvement of high-tech display product technology [56][114] - The company has achieved mass production of 180nm process node semiconductor chip masks and is advancing the development of 130nm-65nm PSM and OPC process masks, as well as 28nm semiconductor chip masks [111] - The company's OLED mask products accounted for approximately 30% of total revenue in 2023, with gross margins exceeding the average level [114] Financial Performance - In 2023, the company achieved revenue of RMB 924 million, a YoY increase of 21.26%, with a gross margin of 27.62%, up 2.42 percentage points YoY [110] - Net profit attributable to the parent company in 2023 was RMB 134 million, a YoY increase of 42.48% [110] - Revenue from flat panel display, semiconductor chips, and other industries in 2023 was RMB 731 million, RMB 144 million, and RMB 41 million, respectively, accounting for 79.06%, 15.61%, and 4.40% of total revenue [110] - In Q1 2024, the company achieved revenue of RMB 272 million, a YoY increase of 48.54%, and net profit attributable to the parent company of RMB 50 million, a YoY increase of 155.22% [110] Valuation and Forecast - The company's revenue for 2024-2026 is forecasted to be RMB 1.109 billion, RMB 1.406 billion, and RMB 1.834 billion, respectively [123] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 191 million, RMB 216 million, and RMB 280 million, respectively [123] - The company's EPS for 2024-2026 is projected to be RMB 0.71, RMB 0.81, and RMB 1.05, respectively [123] Industry and Market Position - The company has achieved mass production of 8.6th generation high-precision TFT masks and 6th generation medium-high precision AMOLED/LTPS masks [114] - The company's subsidiary, Shenzhen Qingyi Micro, has steadily increased its production capacity for semiconductor masks, with new equipment introduced in 2023 further enhancing capacity [111] - The company's OLED mask products have seen rapid growth, with significant contributions to revenue and profitability [114]