RAYITEK(688323) 财通证券·2024-06-06 03:22Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3][6]. Core Views - The company's thermal control PI film is under pressure, while the electrical and electronic PI films are performing well. The revenue from thermal control PI films has decreased by 43.09% year-on-year due to significant price reductions by competitors. In contrast, revenues from electrical PI films and electronic PI films have increased by 28.86% and 19.37% respectively, indicating structural growth. The company is also increasing R&D investments to promote the development of polyimide materials for flexible displays, new energy applications, integrated circuit packaging, and aerospace applications [5][6]. Financial Projections - The company is expected to achieve operating revenues of 389 million, 619 million, and 731 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 5 million, 43 million, and 70 million yuan. The projected PE ratios are 357.57, 42.63, and 26.24 for the same years [6][19]. Recent Developments - The company is advancing its fundraising projects, with the construction of a 1600-ton project in Jiaxing nearly completed. Two production lines are expected to be operational by September 2023, with further lines undergoing testing and expected to start trial production by December 2023. This project is anticipated to drive future growth for the company [15][19]. Joint Venture - The company has announced a joint venture with Kailin Chemical, focusing on advanced materials, including polyimide. The registered capital for the joint venture is 20 million yuan, with both companies contributing equally [14].