GRIPM(SH:688456) Minsheng Securities·2024-05-02 06:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company is a leader in domestic copper-based and tin-based powder materials, with production capacity expansion expected from fundraising projects and the gradual market demand increase for 3D printing powder materials, which is anticipated to contribute to performance growth [2]. - The company achieved a revenue of 2.681 billion yuan in 2023, a decrease of 3.58% year-on-year, with a net profit attributable to shareholders of 55 million yuan, down 0.59% year-on-year [5][6]. - The company is actively expanding its product categories, including electrolytic copper powder, atomized copper/alloy powder, and electronic-grade copper oxide powder, which are expected to contribute to long-term growth [2]. Summary by Sections Sales Volume and Revenue - In 2023, the company sold approximately 23,118.26 tons of copper powder (up 0.93% year-on-year), 2,955.11 tons of tin powder (down 5.86% year-on-year), 89.78 tons of 3D printing powder (up 22.38% year-on-year), and 334.98 tons of electronic slurry (up 133.11% year-on-year) [2]. - The company's gross profit margin for 2023 was 8.31%, an increase of 0.96 percentage points year-on-year [2]. Financial Performance - The company reported a net profit margin of 2.06% for 2023, with projected net profits of 72 million yuan, 100 million yuan, and 127 million yuan for 2024, 2025, and 2026, respectively [6]. - The projected PE ratios for 2024, 2025, and 2026 are 43, 30, and 24, respectively, based on the stock price as of April 30 [5][6]. Production Capacity and Strategic Initiatives - The copper-based powder segment is expected to reach a total production capacity of 40,000 tons following the commissioning of the Chongqing base and the Thailand project [2]. - The tin-based powder segment will have a total production capacity of 5,000 tons after the fundraising projects are completed [2]. - The company has established a subsidiary, Youyan Nami, to focus on electronic slurry business, enhancing value-added offerings [2].