CCTC(300408) 华金证券·2024-05-30 14:30Investment Rating - The investment rating for the company is "Buy - A" and it is maintained [1][3]. Core Views - The report highlights that the company's revenue from electronic components and materials reached 2.196 billion yuan in 2023, representing a year-on-year growth of 50.32%. However, the gross margin decreased by 12.43 percentage points to 32.43% [1]. - The company is expected to benefit from the anticipated 6.8% quarter-on-quarter growth in global MLCC shipments in Q2 2024, reaching 1.23 trillion pieces, driven by demand from AI server orders and seasonal stocking for e-commerce events [1][3]. - The report projects the company's revenue for 2024 to be 7.010 billion yuan, with a growth rate of 22.4%, and net profit to be 1.902 billion yuan, reflecting a growth rate of 20.3% [4][5]. Financial Performance Summary - In 2023, the company achieved a revenue of 5.727 billion yuan, a year-on-year increase of 11.21%, and a net profit of 1.581 billion yuan, up 5.07% year-on-year. The gross margin was 39.83%, a decrease of 4.27 percentage points compared to the previous year [1][4]. - For Q1 2024, the company reported a revenue of 1.564 billion yuan, a year-on-year increase of 31.49%, but a quarter-on-quarter decrease of 3.53%. The net profit for the same period was 0.433 billion yuan, with a gross margin of 40.14% [1][4]. - The report indicates that the company is focusing on MLCC technology innovation and the development of its new energy business, which is becoming a second growth curve [3][4]. Revenue and Profit Forecast - The forecast for the company's revenue from 2024 to 2026 is as follows: 7.010 billion yuan in 2024, 8.692 billion yuan in 2025, and 10.083 billion yuan in 2026, with growth rates of 22.4%, 24.0%, and 16.0% respectively [4][5]. - The projected net profit for the same period is 1.902 billion yuan in 2024, 2.429 billion yuan in 2025, and 2.820 billion yuan in 2026, with growth rates of 20.3%, 27.7%, and 16.1% respectively [4][5].