Cybrid(SH:603212) Great Wall Securities·2024-05-07 11:02Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [4]. Core Views - The company is expected to recover its profitability in 2024, driven by product structure optimization and capacity expansion. The first quarter of 2024 saw a year-on-year increase of 11.31% in film shipments, although the average selling price decreased by 19.04% year-on-year [6][14]. - The company is expanding its production capacity, with plans for a new factory in Vietnam set to begin operations in mid-2024, which will significantly enhance its output capabilities [6][14]. - The introduction of differentiated products, such as UV light transfer films and TPO thermoplastic films, is anticipated to improve the company's profitability [6][14]. Financial Summary - The company reported a revenue of 4,166 million yuan in 2023, with a slight year-on-year growth of 1.2%. The net profit attributable to shareholders was 104 million yuan, down 39.5% year-on-year [11][16]. - Forecasted revenues for 2024, 2025, and 2026 are 5,169 million yuan, 6,274 million yuan, and 7,354 million yuan, respectively, with corresponding net profits of 205 million yuan, 306 million yuan, and 414 million yuan, indicating significant growth rates of 98.0%, 49.0%, and 35.5% [11][14]. - The company's EPS is projected to increase from 0.24 yuan in 2023 to 0.47 yuan in 2024, 0.69 yuan in 2025, and 0.94 yuan in 2026 [11][14].