业绩短期承压，OCA光学胶逐步放量

Investment Rating - The report maintains a "Buy-A" investment rating for the company [5][6]. Core Views - The company's performance is under short-term pressure due to the high-end product investment phase, with significant declines in net profit [3]. - The OCA optical adhesive product is gradually ramping up production, indicating potential for revenue and gross margin improvement [4]. Financial Performance Summary - In 2023, the company reported revenue of 1.969 billion, a year-on-year increase of 4.86%, while net profit was 56.1 million, down 66.64% year-on-year [2][3]. - For Q1 2024, revenue reached 664 million, reflecting a 37.4% year-on-year growth, but net profit decreased by 7.74% to 19 million [2]. Product Development and Market Position - The company is focusing on high-end products and has increased R&D investment by 55.32% in 2023, amounting to 197.3 million [4]. - The OCA optical adhesive is a key material for touch screens and optical films, with the company achieving breakthroughs against international competitors, suggesting a shift towards domestic alternatives [4]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 2.539 billion, 3.403 billion, and 4.594 billion respectively, with net profits expected to be 191 million, 357 million, and 606 million [5][12]. - The report sets a target price of 10.54 for the next six months, based on a 25x PE ratio for 2024 [5][6].