CCTC(SZ:300408) KAIYUAN SECURITIES·2024-04-30 14:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's performance is expected to accelerate due to a recovery in market conditions and breakthroughs in high-end products [4][5] - The company achieved a revenue of 5.727 billion yuan in 2023, representing a year-on-year increase of 11.21%, with a net profit of 1.581 billion yuan, up 5.07% year-on-year [4][6] - The company is a leading manufacturer of MLCC in China and is actively expanding its high-end MLCC product offerings, which is expected to enhance its market share [4][5] Financial Performance Summary - In Q4 2023, the company reported a revenue of 1.621 billion yuan, a year-on-year increase of 35.56%, and a net profit of 439 million yuan, up 67.52% year-on-year [4][6] - For Q1 2024, the company achieved a revenue of 1.564 billion yuan, a year-on-year increase of 31.49%, with a net profit of 433 million yuan, up 35.31% year-on-year [4][6] - The projected net profits for 2024, 2025, and 2026 are 1.893 billion yuan, 2.395 billion yuan, and 2.817 billion yuan respectively, with corresponding EPS of 0.99 yuan, 1.25 yuan, and 1.47 yuan [4][6] Product Development and Market Position - The company's MLCC products are advancing towards miniaturization, high capacitance, high frequency, high reliability, and high voltage, achieving mass production of 1-micron dielectric layer thickness and over 1000 layers [5] - The company's SOFC system has achieved a power density increase of 43% and has undergone over 2000 hours of reliability testing, with an initial power generation efficiency of 65% and a combined heat and power efficiency exceeding 90% [5]