BAMC(SH:601137) Guohai Securities·2024-05-02 01:30Investment Rating - The report maintains a "Buy" rating for the company [8][12]. Core Views - The company achieved significant growth in its new energy business, exceeding annual targets, while the new materials business is beginning to ramp up production in 2024 [8][9]. - In 2023, the company reported a revenue of 17.756 billion yuan, a year-on-year increase of 32.03%, and a net profit of 1.124 billion yuan, up 109.14% year-on-year [8][11]. - The new energy business accounted for 37.51% of total revenue in 2023, with a remarkable sales volume increase of 118.03% year-on-year [9][21]. - The company is expected to benefit from the growing demand in the 5G, new energy vehicles, and semiconductor sectors, with projected revenues of 20.546 billion yuan in 2024, representing a 16% growth [12][30]. Financial Performance Summary - The company’s gross profit margin for 2023 was 17.25%, with a slight decrease in 2024 Q1 to 15.28% [9][19]. - The net profit margin for 2023 was 6.33%, showing an increase of 2.34 percentage points year-on-year [11][19]. - The company’s operating cash flow increased by 173.07% year-on-year, indicating strong operational efficiency [21]. Market Outlook - The new energy market is expected to remain robust, with the U.S. solar market projected to grow significantly, benefiting the company's solar component sales [21]. - The automotive market's growth, particularly in new energy vehicles, is anticipated to drive demand for the company's new materials [21].