Miracll(SZ:300848)2024-04-30 03:02Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth [20]. Core Views - The company's performance in 2023 was in line with expectations, with a total revenue of 1.475 billion yuan, showing a slight year-on-year increase of 0.01%. However, the net profit attributable to shareholders decreased by 21.04% to 88 million yuan [20]. - The company is experiencing steady expansion in its main business, with a projected compound annual growth rate (CAGR) of 72.5% in net profit from 2024 to 2026, driven by the successful implementation of the HDI project [20]. - The company plans to distribute a cash dividend of 1.0 yuan per share and a capital reserve increase of 3 shares for every 10 shares held [20]. Financial Summary - For 2023, the company reported total revenue of 1,475 million yuan, with a gross profit margin of 14.04%, an increase of 0.46 percentage points year-on-year [20][14]. - The first quarter of 2024 saw revenue of 386 million yuan, a year-on-year increase of 21.5%, while the net profit was 12 million yuan, down 47.9% year-on-year [11][20]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.81 yuan, with a price-to-earnings (PE) ratio of 24 [11][20]. Project Development - The HDI project is progressing well, with the first phase expected to be completed in the first half of 2024. This project is anticipated to significantly enhance the company's long-term growth potential [20]. - The company is expanding its production capacity, with plans for a new facility that will double its output, focusing on high-end materials for various applications [20]. Market Position - The company has increased its market share in the TPU product segment, achieving a sales volume of 79,500 tons in 2023, a year-on-year growth of 25.6%, despite a 19.29% decline in selling prices [20]. - The report highlights the competitive landscape, noting that the company is navigating challenges from increased competition and fluctuating raw material prices [20].