Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [11][39]. Core Views - The company reported a revenue of 623 million yuan in 2023, representing a year-on-year growth of 6.64%, and a net profit attributable to shareholders of 118 million yuan, which is a 25.79% increase year-on-year [1][24]. - The company is focusing on accelerating the development of new products and expanding production capacity, particularly in high-value medical packaging materials, which is expected to drive revenue growth [14][24]. - The demand for the company's products is gradually recovering, with significant client acquisition and a robust project pipeline, indicating a positive outlook for future revenue [33][24]. Financial Performance Summary - In 2023, the company achieved a revenue of 623 million yuan, with a net profit of 118 million yuan and a non-recurring net profit of 66 million yuan, showing respective year-on-year growth rates of 6.64%, 25.79%, and 1.98% [1][29]. - The quarterly performance for Q4 2023 showed a revenue of 169 million yuan, a decrease of 4.36% year-on-year, but a net profit increase of 67.37% year-on-year [29][43]. - The company’s gross margin for 2023 was 41.62%, down 2.00 percentage points year-on-year, while the net margin improved by 2.88 percentage points to 18.93% [23][31]. Future Projections - Revenue projections for 2024 to 2026 are set at 753 million, 978 million, and 1.286 billion yuan, with expected growth rates of 21%, 30%, and 31% respectively [24][22]. - Net profit forecasts for the same period are 124 million, 178 million, and 255 million yuan, with growth rates of 5%, 43%, and 44% respectively [24][22]. Product and Market Development - The company has successfully developed and registered multiple new products, with a focus on high-value medical packaging components, which are currently in the customer validation phase [14][24]. - The company has expanded its client base significantly, adding 284 new clients in 2023, and has a project pipeline of 2398 authorized projects, indicating strong market demand and growth potential [33][24].
业绩稳健增长，新产能、新产品静待验证放量