NCE(SH:605111) Huaxin Securities·2024-05-09 11:00Investment Rating - The report maintains a "Buy" rating for the company [26]. Core Views - The company has shown significant growth in net profit, with a year-on-year increase of 54.06% in Q1 2024, reaching a net profit of 1.00 billion yuan [28]. - The company is expanding its customer base in emerging fields such as SGT-MOSFET, photovoltaic energy storage, and AI servers, which are expected to enhance profitability [10][30]. - The forecast for the company's revenue from 2024 to 2026 is projected to be 18.48 billion yuan, 22.78 billion yuan, and 29.63 billion yuan respectively, with EPS expected to be 1.40 yuan, 1.81 yuan, and 2.20 yuan [31]. Summary by Sections Financial Performance - In Q1 2024, the company achieved an operating income of 372 million yuan, a slight decrease of 0.53% year-on-year, while net profit increased significantly [28]. - The company's main revenue for 2023 is projected at 1,477 million yuan, with a forecasted growth rate of 25.1% for 2024 [13]. Market Position and Strategy - The company is actively collaborating with leading clients in the photovoltaic energy storage sector and enhancing its product development to maintain its leading position in the domestic IGBT market [12]. - The SGT-MOSFET product line has seen robust sales, with revenue reaching 546 million yuan in 2023, and the company is expanding its market share in the automotive and AI server sectors [29]. Future Outlook - The report anticipates a recovery in photovoltaic energy storage demand in 2024, which is expected to positively impact the company's performance [12][30]. - The AI server market is projected to grow significantly, with the company positioned to benefit from this trend through its product offerings [31].