KFMI(SZ:300666) Zhongyuan Securities·2024-04-30 08:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [12][37]. Core Views - The company has shown resilience in its ultra-pure target material business, achieving revenue growth of 3.79% year-on-year despite a downturn in the global semiconductor industry [38]. - The semiconductor components business is rapidly expanding, with a revenue increase of 58.55% year-on-year, driven by the company's competitive advantages in ultra-pure target materials [6][45]. - The company is actively increasing its production capacity and diversifying its product offerings, which is expected to enhance its market share and competitiveness [6][47]. Financial Performance Summary - In 2023, the company achieved a revenue of 2.602 billion yuan, a year-on-year increase of 11.89%, while the net profit attributable to shareholders was 255 million yuan, a decrease of 3.35% [5][48]. - For Q1 2024, the company reported a revenue of 772 million yuan, a year-on-year increase of 36.65%, and a net profit of 60 million yuan, a year-on-year increase of 7.16% [5][17]. - The company's gross margin for Q1 2024 was 31.97%, reflecting a slight improvement compared to previous periods [17][44]. Revenue and Profit Forecast - The company is projected to achieve revenues of 3.141 billion yuan, 4.091 billion yuan, and 5.221 billion yuan for the years 2024, 2025, and 2026, respectively [48]. - The net profit attributable to shareholders is expected to be 345 million yuan, 473 million yuan, and 622 million yuan for the same years [48]. - The earnings per share (EPS) are forecasted to be 1.30 yuan, 1.78 yuan, and 2.34 yuan for 2024, 2025, and 2026, respectively [48].