Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has seen an increase in order volume due to good sales performance in the automotive market, with new clients including Xiaomi Auto and Leap Motor [2] - The company is transitioning towards high value-added products, which has contributed to revenue growth, with a 26.4% increase in revenue for 2023 [14] - The company is expected to achieve full production capacity by Q4 2024, driven by the launch of new production facilities [16] Financial Summary - The company achieved a revenue of 1.417 billion yuan in 2023, with a year-on-year growth of 26.4% and a net profit of 116 million yuan, reflecting a growth of 26.8% [14] - The projected net profit for 2024 is 132 million yuan, with an EPS of 1.23 yuan, and the current stock price corresponds to a PE ratio of 11.8 [14][17] - The gross margin has improved to 17.8% in 2023, and the company expects to maintain a gross margin of around 17% in the coming years [17] Client Base Expansion - The company has successfully entered the supply chains of several well-known automotive manufacturers, expanding its client base with new partnerships [15][2] - The company participated in the "2023 Volvo Cars Asia Pacific Sustainable Technology Exhibition," showcasing its high-gloss and spray-free products [2] Production Capacity - The company is set to launch its new production project in Suqian, which will have an annual capacity of 56,000 tons of high-performance composite materials [16] - The production capacity is expected to ramp up quickly, with sufficient sales orders anticipated [16]
北交所信息更新：高附加值产品带动业绩增长，增强改性塑料创新