Create Century(300083) 中邮证券·2024-06-02 23:00Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating a positive outlook for the stock performance in the coming months [29]. Core Insights - The company is expected to benefit from a recovery in consumer electronics demand and equipment upgrades, which are anticipated to drive performance improvement [5]. - The company reported a significant decline in revenue and net profit for 2023, with revenue at 3.529 billion yuan, down 22.04%, and net profit at 194 million yuan, down 41.96% [14]. - The first quarter of 2024 also showed a decline, with revenue of 856 million yuan, down 24.27%, and net profit of 59 million yuan, down 51.46% [14]. - Despite the challenges faced in 2023 due to international trade tensions and a downturn in consumer electronics, there are signs of recovery, particularly in the smartphone market, which saw a 12.3% year-on-year increase in shipments in early 2024 [14]. - The company is expanding into high-end markets and new energy sectors, with new product orders expected to contribute significantly to revenue growth [14]. - Future growth is anticipated from the increasing demand for titanium alloys, AI applications, and wearable devices, with projections indicating a substantial rise in AI smartphone penetration by 2027 [14]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 4.905 billion yuan, 5.774 billion yuan, and 6.572 billion yuan, representing year-on-year growth rates of 38.98%, 17.71%, and 13.82% respectively [28]. - The expected net profit for the same period is projected to be 495 million yuan, 610 million yuan, and 730 million yuan, with growth rates of 154.46%, 23.26%, and 19.65% respectively [29]. - The company's price-to-earnings (P/E) ratio is expected to decrease significantly from 53.80 in 2023 to 21.14 in 2024, indicating improved valuation as earnings recover [30].