Investment Rating - The investment rating for the company is "Buy" and is maintained [18]. Core Views - The company reported a revenue of 840 million yuan in 2023, representing a year-on-year growth of 31.69%, and a net profit attributable to shareholders of 106 million yuan, up 66.14% year-on-year. For Q1 2024, revenue reached 223 million yuan, a 46.39% increase year-on-year, with a net profit of approximately 28.67 million yuan, up 152.12% year-on-year [18][19]. - Strong downstream demand is driven by the increase in energy efficiency standards for refrigerators in developed countries and the upgrade of domestic refrigerator consumption structure. The vacuum insulation panel market is experiencing robust demand, with sales of energy-efficient refrigerators in the EU growing over 50% year-on-year [19]. - The company’s VIP board sales reached 8.18 million square meters in 2023, a 35% increase year-on-year, with a gross margin of 33%, up over 6 percentage points. The company is expected to continue benefiting from favorable market conditions and capacity expansion [19][20]. - Looking ahead to 2024, the company is expected to see significant performance growth due to the successful construction of a new base in Anhui and the ongoing demand in the European market [20][21]. Summary by Sections Financial Performance - In 2023, total revenue was 840 million yuan, with a gross profit of 277 million yuan, resulting in a gross margin of 33% [32]. - For 2024, projected revenues are 1.068 billion yuan, 1.31 billion yuan in 2025, and 1.521 billion yuan in 2026, with corresponding net profits of 163 million yuan, 219 million yuan, and 258 million yuan respectively [32]. Market Trends - The market for vacuum insulation panels is supported by the rising demand for high-efficiency refrigerators, with embedded refrigerators gaining popularity, capturing 17.6% of online and 36.7% of offline retail market shares in 2023 [19]. - The company is well-positioned to leverage its technological and cost advantages to expand its market share during this favorable cycle [20]. Future Outlook - The company anticipates a significant contribution to its performance from the gradual release of production capacity in 2024, with expectations of continued growth in the VIP market due to European standards [20][21].
下游景气延续,业绩持续高增