POCO(300811) 西南证券·2024-05-09 07:30Investment Rating - The investment rating for the company is "Hold" with a target price not specified for the next 6 months [1][14]. Core Insights - The company's revenue for 2023 reached 1.16 billion yuan, representing a year-on-year increase of 8.7%, while the net profit attributable to the parent company was 240 million yuan, up 29.6% year-on-year. For Q1 2024, revenue was 340 million yuan, a 15.3% increase year-on-year, with a net profit of 70 million yuan, up 5.1% year-on-year [1][9]. - The slowdown in photovoltaic demand affected revenue growth in 2023, but the chip inductor business exceeded expectations, supporting high growth in performance. The soft magnetic powder core revenue for 2023 was 1.03 billion yuan, a slight increase of 0.4% year-on-year, primarily due to lower-than-expected overseas distributed photovoltaic installations [1][6]. - The gross profit margin for the company improved, with a comprehensive gross margin of 39.6% in 2023, up 2.0 percentage points year-on-year. The net profit margin was 22.1%, an increase of 3.9 percentage points year-on-year [1][5]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.16 billion yuan and a net profit of 240 million yuan. The revenue growth rate for 2024 is projected at 28.25%, with net profit expected to grow by 22.11% [2][9]. - The company forecasts EPS for 2024, 2025, and 2026 to be 1.57 yuan, 2.15 yuan, and 2.99 yuan respectively, with corresponding dynamic PE ratios of 36, 26, and 19 [1][9]. Business Segments - The magnetic inductor components segment saw a revenue of 100 million yuan in 2023, a significant increase of 406.5% year-on-year, driven by large-scale production for AI chip applications [1][6]. - The alloy soft magnetic powder segment is expected to see a sales growth rate of 19.99% in 2024, with a stable gross margin of 53.78% [5][6]. Market Outlook - The company is optimistic about the long-term demand for AI-related products, which is expected to drive the growth of the chip inductor business. The report indicates a strong demand outlook for AI chips, which will likely enhance profitability [1][5].