Annual report results: 23 years of revenue 3Crashderbygame.6.8 billion yuan, yoy-13Crashderbygame.8%Crashderbygame; return to the mother net profit 80 million yuan, yoy-19.1%CrashderbygameDeduct 73 million yuan of non-net profit, yoy-15.4%. Among them, Q4 realized revenue of 100 million yuan, yoy+19.2%, month-on-month ratio + 12.2%, return-to-mother net profit of 21 million yuan, yoy+6.2%, month-on-month ratio of-1.7%. The profitability of carbonyl iron powder was boosted compared with the same period last year, and the quantity and price of soft magnetic powder-MIM feed went up at the end of the year: the revenue of carbonyl iron powder / atomized alloy powder / soft magnetic powder / MIM feed reached 1.15 shock 0.41 pound, 1.29 pound 0.55 million yuan, yoy-4.3%/-69.8%/+8.1%/+64.5%. From a split point of view, the sales volume of the above products is 2651 and 683, respectively. The sales volume of the above products is 2497, 896, 996, 9.8%, 5.6, 5.6, 5, 5, and 48.3, respectively. Price: we estimate that the average unit price of the above products is 4.3max 6.0Comp51,000 / ton respectively, and the price of yoy+6%/-68%/+2.9%/+11%, atomized alloy powder goes down significantly, mainly due to the pressure transmission of consumer electronics demand to the upstream, and the transformation of shipments from high-end cobalt-chromium powder to low-end iron-based powder. Overall, the company's revenue declined in the past 23 years, which was mainly affected by the change in the shipping structure of atomized alloy powder. at the same time, the soft magnetic powder and MIM feed of deep processing products rose in volume, and the sales volume of MIM feed increased by 64.6% in the 3C field, reducing the decline of some atomized alloy powder. Profit side: the 23-year gross profit margin of carbonyl iron powder / atomized alloy powder / soft magnetic powder / MIM feed was 49.7% 16.9% 47.4% respectively. 22.3% less yoyhammer 3pctpct, thanks to the high profitability of carbonyl iron powder, the company's comprehensive gross profit margin reached 39% yoyhammer 4.9pct in 23 years. Affected by period expenses, asset impairment, etc., the net profit rate was 21.4%. The product structure has been continuously optimized and continues to benefit from the downstream high-prosperity conduction consumer electronics field. The demand for high-strength steel and light steel materials for precision parts such as folding screen hinges is growing rapidly. The company has developed high-strength steel powder and MIM feed, which has been used in many mobile phone brands, and is expected to accelerate production in 24 years. In the field of electronic components, the company continues to increase its R & D investment in soft magnetic materials, and has developed a number of new products such as ultra-fine powder, amorphous powder and composite materials, which is expected to continue to benefit from the rapid development trend of 5G communications, AI computing, automotive electronics and other industries. The 23-year production capacity has been sown, and the 24-year performance is expected to accelerate the realization of the company's IPO project of raising 6000 tons of carbonyl iron powder to reach the scheduled state of use at the end of the third quarter of 23. It is now in the stage of trial production and the production capacity can be gradually released according to market demand. Without considering the new project, the production capacity of carbonyl iron powder will double from 5500 tons to 11500 tons, while the production capacity of high-performance powder will increase by 4000 tons, including 2000 tons of soft magnetic powder for powder core. The commissioning of the fund-raising project will help the company break through the capacity bottleneck, focus on optimizing the product structure at the middle and high end, and the scale effect will also be highlighted, which will continue to promote the company's performance growth. In the long term, the production capacity of the new 10wt technology project in Ningxia base will be released one after another. after 29 years of full production, it is expected to achieve an annual sales income of 3.423 billion yuan and a net profit of about 593 million yuan, opening up room for growth. Investment suggestion: as the leader of carbonyl iron fans, the company develops new business, develops new products, expands production by new technology, and releases new capacity. It is estimated that the net profit from 2024 to 2026 will be 1.11 trillion yuan (161pm) 25 years ago, taking into account the climbing pace of the company's production capacity and downgrading its profit forecast. Risk hint: demand fluctuation risk; new project construction risk is lower than expected risk; raw material fluctuation risk; process technology innovation risk; new business development is not as expected risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.