海象新材：静待行业复苏

Investment Rating - The report maintains a rating of "Accumulate" with a target price of 15.3 CNY, indicating an expected relative return of 10%-20% over the next six months [21]. Core Views - The company reported a revenue of 1.6 billion CNY in 2023, a decrease of 16% year-on-year, with a net profit attributable to the parent company of 0.5 billion CNY, down 78% [21]. - The revenue breakdown shows that LVT revenue was 0.17 billion CNY, accounting for 11% of total revenue, with a gross margin of 32%, up 14 percentage points; SPC revenue was 1.2 billion CNY, accounting for 72%, down 22% year-on-year, with a gross margin of 22% [21]. - The company has established strong partnerships with major overseas flooring brands and building material retailers, enhancing its customer resource and production cost advantages [21]. Financial Data Summary - Revenue (CNY million): 2022: 1,894.50, 2023: 1,598.97, 2024E: 1,699.86, 2025E: 1,855.74, 2026E: 2,066.55 [3][23]. - Net profit attributable to the parent company (CNY million): 2022: 212.84, 2023: 45.65, 2024E: 50.86, 2025E: 82.13, 2026E: 129.05 [3][23]. - EBITDA (CNY million): 2022: 303.62, 2023: 432.71, 2024E: 334.87, 2025E: 332.87, 2026E: 335.17 [3][23]. - EPS (CNY per share): 2022: 2.07, 2023: 0.44, 2024E: 0.50, 2025E: 0.80, 2026E: 1.26 [3][23]. - P/E Ratio: 2022: 7.38, 2023: 34.42, 2024E: 30.89, 2025E: 19.13, 2026E: 12.17 [3][23]. Growth and Profitability - Revenue growth rates (%): 2022: 5.39, 2023: -15.60, 2024E: 6.31, 2025E: 9.17, 2026E: 11.36 [10]. - Net profit growth rates (%): 2022: 119.49, 2023: -78.55, 2024E: 11.41, 2025E: 61.50, 2026E: 57.13 [10]. - Gross margin and net profit margin are expected to improve as the company benefits from reduced raw material costs and increased production efficiency [21].