WAZAM(603186) 长城证券·2024-06-13 03:01Investment Rating - The report maintains a "Hold" rating for the company, indicating an expected stock price increase relative to the industry index between -5% to 5% over the next six months [8]. Core Views - The company reported a revenue of 3.362 billion yuan in 2023, a year-on-year increase of 2.31%, but incurred a net loss of 121 million yuan, marking a significant decline compared to the previous year [11]. - The first quarter of 2024 showed a revenue of 855 million yuan, a year-on-year increase of 12.79%, with a notable reduction in net loss to 992,700 yuan [11]. - The company is expected to benefit from the growth in AI computing demand and the recovery in consumer electronics, with its CBF products progressing well [23]. Financial Summary - The company’s revenue is projected to grow from 4.253 billion yuan in 2024 to 6.277 billion yuan in 2026, with year-on-year growth rates of 26.5%, 21.9%, and 21.0% respectively [15]. - The net profit forecast for 2024 to 2026 is 85 million yuan, 230 million yuan, and 345 million yuan respectively, with corresponding EPS of 0.60 yuan, 1.62 yuan, and 2.43 yuan [14]. - The company’s gross margin for 2023 was 8.89%, down 4.09 percentage points year-on-year, while the first quarter of 2024 saw a gross margin of 10.09%, reflecting a recovery trend [25]. Product Development and Market Position - The company has made significant advancements in high-frequency CCL products suitable for AI servers and has received certifications from major domestic telecom companies [16]. - The CBF product line, developed in collaboration with Shenzhen Advanced Electronic Materials International Innovation Research Institute, is positioned to meet domestic demand for semiconductor packaging materials [23]. - The company is actively developing new products to address future 6G and satellite communication technology needs, indicating a forward-looking approach to market demands [17].