Investment Rating - The report assigns an "Outperform" rating to the company [17]. Core Insights - The company plans to distribute a cash dividend of 3 yuan (before tax) for every 10 shares, with a dividend payout ratio exceeding 50% [4]. - The coating additive business continues to shrink, while revenue from nano new materials is growing significantly, with a 2023 revenue of 410 million yuan, representing a year-on-year increase of 19.33%. The coating additive business saw a decline of 7.28% year-on-year, but the growth in nano new materials is driving overall revenue growth [4]. - The company is awaiting the release of new production capacity, with projects in Anhui and Cold Water River expected to reach operational status by May 31 and August 31, respectively [5]. - The company is expected to maintain a medium growth rate of 15% for its main nano new materials business from 2024 to 2026, while the coating additive business is expected to remain stable [8]. Financial Performance - In 2023, the company achieved a revenue of 466 million yuan, a year-on-year increase of 16.11%, and a net profit of 125 million yuan, up 37.24% year-on-year. The first quarter of 2024 saw a revenue of 100 million yuan, a 2.05% increase year-on-year, and a net profit of 29.53 million yuan, an 18.01% increase year-on-year [16]. - The gross margin for nano new materials improved by 3.7 percentage points to 43.77% in 2023, with a further increase in the first quarter of 2024 to approximately 47.34% [16]. - The company forecasts net profits of 137 million yuan, 162 million yuan, and 185 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.26, 1.49, and 1.71 yuan per share [17]. Market Comparison - The company's stock closed at 25.84 yuan on May 29, 2024, with a market capitalization of 2.803 billion yuan [15]. - The stock has shown a relative performance of -1.1% over one month, 4.9% over two months, and 12.3% over three months compared to the CSI 300 index [15].
凌玮科技：收入稳健增长，盈利能力继续攀升