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Tianyue Advanced 2023 Annual report showsDoubledowncasino30freespinsRevenue 12Doubledowncasino30freespins51 billion yuan, an increase of 199 over the same period last yearDoubledowncasino30freespins.9%, a net profit of 46 million yuan in the first quarter of 2024, a year-on-year reversal of losses. The production capacity was released ahead of schedule, and the market share increased. The forecast income from 2024 to 2026 was 23.43,34.87 and 4.803 billion yuan respectively, maintaining the "buy" rating.
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[Tianyue Advanced's annual report in 2023 and its first quarterly report in 2024 showed a substantial increase in revenue and net profit] in 2023, Tianyue Advanced realized revenue of 1.251 billion yuan, an increase of 199.90% over the previous year, and a net profit loss of 46 million yuan. In the first quarter of 2024, the company's revenue increased by 120.66% year-on-year to 426 million yuan, belonging to the parent company.Doubledowncasino30freespinsThe net profit also successfully turned from deficit to profit, reaching 46 million yuan. Thanks to the growth of terminal demand such as electric vehicles, photovoltaic power, energy storage and charging piles, as well as the rapid penetration of silicon carbide applications, Tianyue's advanced production capacity has risen rapidly. In 2023, the company's production capacity continued to increase, the Jinan plant made steady progress, and the port-adjacent plant delivered smoothly and accelerated the production capacity climbing, realizing the capacity planning of 300000 conductive substrates in 2026 two years ahead of schedule. The company's gross profit margin became positive to 15.81% in 2023, its profitability has increased significantly, and it has made a profit in the third and fourth quarters. [the company's market share has increased rapidly and signed a number of long-term cooperation agreements] through long-term cooperation with more than 50% of the world's top ten power semiconductor companies, Tianyue Advanced's market share has increased rapidly, covering many well-known customers at home and abroad. The company also signed new long-term cooperation agreements with Infineon, Bosch and other international companies to provide Infineon with 6-inch conductive substrates and crystal rods and other products. In addition, the company ranks second in the global market share of conductive silicon carbide substrate materials in 2023. [rapid transformation of product structure, batch supply of 8-inch conductive substrate] Tianyue Advanced has accelerated the transformation of product structure, and car gauge-grade conductive silicon carbide substrate products are in a leading position in the market. The company pioneered the use of liquid phase method to prepare 8-inch low-defect crystals, realizing the batch supply of 8-inch conductive substrate products. At present, the company has a variety of product batch supply capacity, including 8-inch conductive substrate, 6-inch conductive substrate, 6-inch semi-insulating substrate, 4-inch semi-insulating substrate and so on. [profit Forecast and rating] taking into account the company's capacity climbing and industry competition pattern, Tianyue Advanced's income from 2024 to 2026 is expected to be 2.343 billion yuan, 3.487 billion yuan and 4.803 billion yuan respectively, and EPS is 0.33,0.75 yuan and 1.36 yuan respectively. The current stock price corresponds to 10 times, 7 times and 5 times of PS respectively. Due to the continuous growth of downstream demand, the Shanghai port factory reached production ahead of schedule, and the company's market share is expected to rise further, maintaining a "buy" rating. [risk Tip] investors should pay attention to potential risks such as increased competition in the industry, technological iterations, lower-than-expected downstream demand and slower-than-expected production capacity construction in the second phase.