Gelonghui, May 29 丨 Debon Securities Research Report on the 28th pointed out that fluctuations in raw material prices had an impact on the profitability of Haiyou New Materials (688680.SH). On a quarterly basis, the company's 22Q4 net profit was 83 million yuan, gross profit margin was 2.95%, and net sales profit margin was -7.09%; 23Q1 company's net profit was 23 million yuan, gross profit margin of sales was 6.26%, and the net sales margin was 1.68%. The company's profitability improved month-on-month. The risk of fluctuations in raw material prices was reduced in 23, the price of silicon materials upstream in the main photovoltaic industry chain dropped significantly, and the price pressure of modules on auxiliary materials will decrease. It is expected that the company's profitability will increase in 2023. Furthermore, the company's R&D capabilities are outstanding, and product structure optimization will enhance the company's profitability and resilience to risks. As a major supplier in the adhesive film industry, with the launch of new production capacity, the company's market share continues to increase. As new products are gradually mass-produced, the company's shipping structure will be further optimized. The company's net profit for 23-25 is expected to be 514/795/1,059 million yuan, maintaining the “buy” rating.