SINOPACK(003031) 兴业证券·2024-05-23 06:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 65.68 RMB as of May 9, 2024 [2][3] Core Views - The company's traditional business remains stable, with significant growth potential in SiC and electrostatic chuck products [4] - Despite short-term pressure in Q1 2024, the company's profitability is steadily improving, driven by high R&D investment and product structure optimization [4] - The company's high-speed optical module ceramic shells are leading in the domestic market, with 400G products already in mass production and 800G products reaching international standards [5] - SiC products have gained recognition from major automotive manufacturers, with main-drive SiC MOS passing parameter verification [5] - Precision ceramic components have seen substantial growth, benefiting from domestic substitution trends in the semiconductor equipment sector [5] Financial Performance - In 2023, the company achieved revenue of 2.676 billion RMB, a 6.52% YoY increase, and net profit of 490 million RMB, up 7.11% YoY [4] - Q1 2024 revenue reached 548 million RMB, a 6.63% YoY increase, while net profit declined 4.38% to 83 million RMB [4] - Gross margin improved by 1.10 percentage points to 33.37% in Q1 2024, with net margin increasing by 1.94 percentage points to 18.14% [4] - R&D expenses surged 32.01% YoY to 72 million RMB in Q1 2024 [4] Future Projections - Revenue is expected to grow from 3.649 billion RMB in 2024E to 6.160 billion RMB in 2026E, representing a CAGR of 29.4% [4] - Net profit is projected to increase from 663 million RMB in 2024E to 1.168 billion RMB in 2026E, with a CAGR of 29.6% [4] - EPS is forecasted to rise from 2.06 RMB in 2024E to 3.63 RMB in 2026E [4] - ROE is expected to improve from 10.3% in 2024E to 14.1% in 2026E [4] Market Position - The company's total assets stood at 7.598 billion RMB as of the latest reporting period, with net assets of 5.706 billion RMB [2] - The company has a total share capital of 322.18 million shares, with 84.11 million shares in circulation [2] - The company's net asset per share is 17.71 RMB [2]