GUIBAO TECH(300019) Huaan Securities·2024-03-31 16:00Investment Rating - Investment Rating: Buy (Maintain) [9] Core Views - The company reported a revenue of 2.606 billion yuan in 2023, a year-on-year decrease of 3.3%, while the net profit attributable to the parent company was 315 million yuan, reflecting a year-on-year increase of 25.9% [9] - The gross profit margin improved to 25.26%, an increase of 5.78 percentage points year-on-year, driven by a decline in raw material prices and increased product sales [9] - The company is expanding its business into hot melt adhesives and silicon-carbon anode materials, which is expected to enhance growth potential [9] Financial Summary - Revenue Forecast: 2024E - 3.655 billion yuan, 2025E - 4.182 billion yuan, 2026E - 4.718 billion yuan, with year-on-year growth rates of 40.3%, 14.4%, and 12.8% respectively [2][3] - Net Profit Forecast: 2024E - 377 million yuan, 2025E - 451 million yuan, 2026E - 558 million yuan, with year-on-year growth rates of 19.5%, 19.8%, and 23.6% respectively [2][3] - Key Financial Ratios: - P/E: 2024E - 20.49, 2025E - 14.56, 2026E - 12.16 [2] - P/B: 2024E - 2.65, 2025E - 1.95, 2026E - 1.68 [2] - EV/EBITDA: 2024E - 14.14, 2025E - 10.92, 2026E - 6.96 [2] Operational Highlights - The company has seen significant increases in production and sales volumes of its main products, with construction adhesives, industrial adhesives, and silane coupling agents showing year-on-year growth rates of 23.63%, 41.94%, and 31.16% respectively [9] - The average price of raw material DMC decreased to 14,900 yuan per ton in 2023, down 37.06% from 2022, contributing to improved gross margins [9] - The company has successfully completed the construction of a 1,000-ton/year silicon-carbon anode material pilot production line, which has begun trial production and received positive feedback from customers [9]