HIUV(688680) 德邦证券·2024-05-09 09:30Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's photovoltaic film business is steadily growing, and its new materials business is continuously developing. The projected net profit for 2024-2026 is estimated at 0.56 billion, 1.02 billion, and 1.42 billion respectively, corresponding to PE ratios of 58X, 32X, and 23X [3]. Financial Performance Summary - In 2023, the company achieved operating revenue of 4.872 billion, a year-on-year decrease of 8.2%. The net profit attributable to shareholders was -229 million, a decrease of 556.29% year-on-year. The non-recurring net profit was -245 million, down 963.37% year-on-year. In Q1 2024, the operating revenue was 877 million, a decline of 35.08% year-on-year, with a net profit of -19 million, down 182.83% year-on-year, and a non-recurring net profit of -22 million, down 192.01% year-on-year [2][12]. Business Development Summary - The company has made significant progress in the automotive new materials sector, focusing on innovative and environmentally friendly XPO artificial leather surface materials. Collaborations with international suppliers are ongoing to promote applications in automotive interiors. In 2023, the company received certification and orders from a new energy vehicle manufacturer, achieving bulk supply [6][21]. - The company's photovoltaic film production capacity is steadily increasing, with projects in Zhejiang and Vietnam progressing. The Zhejiang project has been commissioned, while the Vietnam project is expected to be operational by Q3 2024. New battery component packaging solutions have been introduced, enhancing product offerings for the N-type photovoltaic market [21]. Market Comparison - The company's stock performance has shown a significant decline compared to the CSI 300 index, with absolute declines of -17.14% over 1 month, -22.05% over 2 months, and -1.53% over 3 months, alongside relative declines of -18.89%, -24.90%, and -10.10% respectively [5].