Quechen Company(SH:605183) Guohai Securities·2024-04-30 11:00Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1][33][74] Core Insights - The company achieved a revenue of 1.81 billion yuan in 2023, a year-on-year increase of 3.66%, and a net profit attributable to shareholders of 413 million yuan, up 8.42% year-on-year [3][28] - The company is focusing on increasing its market share in high-dispersion silica products for green tires while accelerating the commercialization of new products in various industries [8][33] - The company has a current production capacity of 330,000 tons of white carbon black, with an additional 100,000 tons under construction expected to be operational by December 2024 [9][33] Financial Performance Summary - In Q4 2023, the company reported a revenue of 488 million yuan, a year-on-year increase of 17.13%, and a net profit of 107 million yuan, up 55.17% year-on-year [3][7] - For Q1 2024, the company achieved a revenue of 523 million yuan, a year-on-year increase of 25.90%, and a net profit of 122 million yuan, up 45.64% year-on-year [3][43][45] - The gross profit margin for 2023 was 29.44%, an increase of 0.87 percentage points year-on-year, while the net profit margin was 22.78%, up 1.00 percentage point year-on-year [3][28] Production and Sales Data - In 2023, the company produced 297,800 tons of silica, a year-on-year increase of 18.55%, and sold 297,900 tons, up 19.04% year-on-year [5][14] - The sales price of silica in 2023 was 5,980.66 yuan per ton, reflecting a year-on-year decrease [14][30] Future Outlook - The company forecasts revenues of 2.29 billion yuan, 2.74 billion yuan, and 2.98 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 520 million yuan, 605 million yuan, and 680 million yuan for the same years [33][74]