StarPower(603290) 长城证券·2024-06-11 08:31Investment Rating - The report maintains a rating of "Accumulate" for the company [2][5] Core Views - The company achieved steady growth in 2023, with operating revenue reaching 3.663 billion yuan, a year-on-year increase of 35.39%, and net profit attributable to shareholders of 911 million yuan, up 11.36% year-on-year [2][3] - The decline in Q1 2024 performance is noted, with operating revenue of 805 million yuan, a year-on-year increase of 3.17%, but a quarter-on-quarter decrease of 22.89% [2][3] - The growth in the automotive-grade SiC MOSFET market is highlighted, with expectations for continued expansion due to the increasing demand in the electric vehicle sector [3][5] Financial Summary - In 2023, the company's gross margin was 37.51%, down 2.79 percentage points year-on-year, primarily due to rising raw material costs [3][6] - The net profit margin for 2023 was 25.14%, a decrease of 5.20 percentage points year-on-year, attributed to increased operating expenses [3][6] - The company forecasts net profits of 1.142 billion yuan, 1.399 billion yuan, and 1.716 billion yuan for 2024, 2025, and 2026 respectively, with EPS projected at 4.77 yuan, 5.85 yuan, and 7.17 yuan [5][6] Market Outlook - The global electric vehicle market is expected to grow to 1,579.1 billion USD by 2030, with a CAGR of approximately 17.80% from 2023 to 2030 [3][5] - The company has made significant progress in expanding its overseas market presence, particularly in Europe, with large-scale deliveries of automotive-grade IGBT modules [3][5]