Investment Rating - The report maintains a "Buy" rating for the company [9][13]. Core Views - The company experienced lower-than-expected performance in 2023, primarily due to an increase in the proportion of low-margin photovoltaic products [9][13]. - The company is expected to see a turnaround in 2024 as upstream prices of high-purity quartz sand begin to ease, and the semiconductor sector slowly recovers [8][9]. - The report highlights three key events to watch in 2024: expansion of high-end production lines, self-production of materials, and TEL certification [9]. Financial Summary - For 2023, the company reported total revenue of 260 million, a year-on-year increase of 43.1%, but a net profit of 38 million, reflecting a decrease of 29.6% [7][13]. - The first quarter of 2024 showed revenue of 84.63 million, a year-on-year increase of 39.6%, and a net profit of 11.54 million, down 8.7% year-on-year but up 76% quarter-on-quarter [14]. - The projected revenues for 2024, 2025, and 2026 are 304 million, 410 million, and 554 million respectively, with corresponding net profits of 58.76 million, 89.71 million, and 136 million [9][16]. Market Comparison - The company's closing price on April 26, 2024, was 16.36 yuan, with a market capitalization of 977 million [6]. - The company’s price-to-earnings ratio for 2024 is projected to be 20.9 times, compared to an average of 30.2 times for comparable companies, indicating a potential upside of 44.5% [9]. Operational Insights - The company has established four processing bases and is expanding its customer base from photovoltaic and mid-to-low-end semiconductors to high-end semiconductors [9]. - The report notes that the company’s gross margin for 2023 was 38.9%, a decline from the previous year, influenced by the increased share of photovoltaic products [8][13].
24Q1盈利回升超预期，公司迎转折关键年