Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected performance above the market average [21][28]. Core Viewpoints - The company is engaged in the research, production, and sales of modified plastic products, including high-performance modified nylon and polyester, which are widely used in various industries such as electric tools, automotive parts, and home appliances. The company has established stable partnerships with globally recognized enterprises, contributing to its growth and technological advancement [1]. - Revenue is projected to grow significantly from 2024 to 2026, with expected net profits of 145 million, 183 million, and 219 million yuan respectively, corresponding to EPS of 1.47, 1.84, and 2.21 yuan per share [21][19]. - The company aims to enhance its production capacity and R&D capabilities in 2024, with plans to install four new production lines, adding 30,000 tons of capacity [15][19]. Financial Summary - The company's revenue for 2023 is estimated at 506 million yuan, with a projected increase to 639 million yuan in 2024, reflecting a year-on-year growth of 26.3% [2][13]. - The gross margin is expected to improve from 33.8% in 2023 to 35.7% by 2026, driven by enhanced production processes and product performance [2][3]. - The net profit margin is projected to remain stable, with a slight increase from 22.8% in 2023 to 23.7% in 2026 [13]. Product Segmentation - High-performance modified nylon is expected to generate revenues of 375 million yuan in 2024, with a gross margin of 40% [23]. - High-performance modified polyester is projected to have revenues of 48 million yuan in 2024, with a gross margin of 22% [23]. - Engineering polyolefins and masterbatches are also expected to contribute to revenue growth, with respective gross margins of 24.44% and 48.69% in 2024 [23].
江苏博云：专注于特定细分领域改性塑料企业，2024年销售团队有望增加