深度报告：玉出齐鲁地，马跃寰宇来

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leading domestic manufacturer of functional shading materials, with a significant global market presence and a strong reputation in the building shading sector [3][19] - The company reported a revenue of 660 million yuan in 2023, a year-on-year increase of 21.3%, and a net profit of 165 million yuan, up 5.4% [3][19] - The company is expected to enter a new growth phase starting in 2024, with projected net profits of 210 million yuan, 260 million yuan, and 320 million yuan for 2024, 2025, and 2026 respectively [3][19] Company Overview - The company specializes in functional shading materials, with main products including blackout fabrics, adjustable light fabrics, and sunlight fabrics, with exports accounting for two-thirds of its sales [3][19] - The company has established long-term stable relationships with domestic and international clients, enjoying high recognition in the global building shading field [3][19] - The company has a strong R&D capability, with a research expense ratio consistently above 3% and 110 patents [3][19] Industry Analysis - The functional shading materials industry has a mature overseas market with a market share exceeding 70%, while domestic penetration is low at less than 5%, indicating significant growth potential [3][60] - The domestic market for functional shading materials is expected to grow at a CAGR of 23% from 2021 to 2025, driven by increasing awareness of energy-saving and environmentally friendly materials [3][64] Financial Analysis - The company's revenue and net profit have shown steady growth, with a revenue of 826 million yuan and a net profit of 211 million yuan projected for 2024 [3][12] - The company’s gross profit margin was 39.8% in 2023, indicating strong profitability compared to industry peers [3][19] - The company has a well-controlled expense structure, with sales expense ratio increasing slightly due to post-pandemic activities [3][27] Growth Drivers - The company is expanding its production capacity, with new functional shading materials expected to reach full production by the end of 2023 [3][19] - The company is also exploring cross-border e-commerce channels, which are anticipated to contribute to new growth momentum [3][19]