HHCK(688535) 华金证券·2024-04-07 16:00Investment Rating - The report maintains an "Accumulate" rating for Huahai Chengke (688535.SH) [8] Core Views - The company experienced a revenue decline of 6.70% year-on-year in 2023, with total revenue of 283 million yuan and a net profit attributable to shareholders of 31.64 million yuan, down 23.26% year-on-year [8][24] - High R&D investment has pressured the company's overall performance, but revenue and capacity utilization have shown a quarterly recovery since Q2 2023 [8][24] - The company is positioned as a leading domestic manufacturer of epoxy molding compounds, with a focus on advanced packaging materials, and is expected to benefit from the acceleration of domestic substitution processes [24] Financial Forecasts and Valuation Data - Revenue forecasts for 2024 to 2026 are adjusted to 351 million yuan, 442 million yuan, and 530 million yuan, with growth rates of 24.2%, 25.7%, and 20.0% respectively [24] - Net profit forecasts for the same period are 46 million yuan, 65 million yuan, and 84 million yuan, with growth rates of 44.4%, 41.8%, and 29.6% respectively [24] - The company’s P/E ratios are projected to be 118.8, 83.8, and 64.7 for 2024, 2025, and 2026 respectively [24][25]