Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 29.40 based on a 20x PE for 2024 [3][20]. Core Insights - The company focuses on the R&D, production, and sales of modified plastic products, including high-performance modified nylon, polyester, engineering polyolefin, and masterbatches, which are widely used in various industries such as power tools, automotive parts, and home appliances [2][20]. - The company has established stable relationships with renowned global enterprises, enhancing its position in the global modified plastics industry, with continuous improvements in technology and processes [2][20]. - The company plans to increase its sales team significantly in 2024 to support its growth strategy, anticipating revenue growth across multiple modules, including power tools, home appliances, and automotive sectors [3][20]. Financial Summary - The company reported a revenue of RMB 506 million in 2023, with projections of RMB 639 million in 2024, representing a year-on-year growth of 26.3% [5][18]. - Net profit for 2023 is estimated at RMB 115 million, with forecasts of RMB 145 million, RMB 183 million, and RMB 219 million for 2024, 2025, and 2026 respectively, indicating a net profit growth rate of 25.9% in 2024 [3][5][18]. - The company’s EPS is projected to increase from RMB 1.17 in 2023 to RMB 1.47 in 2024, with further growth to RMB 2.21 by 2026 [3][5][18]. Revenue and Profitability Forecast - The company expects to achieve a gross margin of 34.2% in 2024, improving to 35.7% by 2026, driven by enhanced production capabilities and product performance [5][18]. - The revenue from high-performance modified nylon is projected to grow from RMB 27.456 million in 2023 to RMB 37.500 million in 2024, with a gross margin improvement from 39.04% to 40.00% [14][18]. - The company aims to complete the installation of new production lines in 2024, adding 30,000 tons of capacity, which will support more complex production capabilities [3][20].
江苏博云：首次覆盖：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