KCT(SZ:002625) Shanxi Securities·2024-04-30 07:30Investment Rating - The report maintains an "Accumulate-A" rating for the company, with expected EPS for 2024-2026 at 0.38, 0.55, and 0.72 respectively, corresponding to PE ratios of 53.9, 37.0, and 28.3 based on the closing price of 20.44 yuan on April 29, 2024 [2]. Core Insights - The company reported a revenue of 1.494 billion yuan in 2023, representing a year-on-year growth of 27.98%, and a net profit of 583 million yuan, which is a 54.85% increase year-on-year [3]. - The supermaterial business is experiencing rapid growth, with revenue reaching 1.275 billion yuan in 2023, a 46.06% increase, and accounting for 85.34% of total revenue [4]. - The company is accelerating the ramp-up of production capacity at its supermaterial production base, which is expected to significantly enhance overall delivery capability and production efficiency [4]. Financial Performance - The company’s total revenue is projected to grow from 2.257 billion yuan in 2024 to 4.758 billion yuan in 2026, with year-on-year growth rates of 51.1% and 35.0% respectively [5]. - The net profit is expected to increase from 817 million yuan in 2024 to 1.558 billion yuan in 2026, with corresponding growth rates of 40.1% and 30.9% [5]. - The gross margin is projected to improve from 46.8% in 2024 to 47.2% in 2026, while the net margin is expected to stabilize around 32.7% by 2026 [6]. Market Performance - As of April 29, 2024, the company's closing price was 20.44 yuan, with a yearly high of 24.54 yuan and a low of 10.14 yuan [1]. - The circulating A-share market capitalization is 36.326 billion yuan, while the total market capitalization stands at 44.040 billion yuan [1].