Last year was terrible for growth stocks. All thanks to optimistic estimates being revised and policy tightening by the central bank. However, going by the trend in the first six months of 2023, things appear to be far better. My focus is therefore on the high-quality growth stories of 2023, which have strong financial or business developments. Overall, I believe that a portfolio of these stocks to buy now can deliver 100% returns in the next 12 months. Let’s discuss why these growth stocks are so attractive.

Growth Stocks: Riot Platforms (RIOT)

Riot Platforms (NASDAQ:RIOT) is among the most exciting growth stocks to buy now. Bitcoin (BTC-USD) is trending higher and the miner has chalked out some ambitious growth plans. I expect multi-bagger returns from RIOT stock in the next 12 to 18 months.

To put things into perspective, Riot ended Q1 2023 with a mining capacity of 10.5EH/s. The company plans to expand capacity to 12.5EH/s in the second half of the year. In addition, the company signed an agreement for the purchase of 33,280 next-generation Bitcoin miners. This would help Riot in expanding capacity to 20.1EH/s in 2024.

Additionally, Riot has the option to purchase 66,560 additional miners. If this option is exercised, the company’s mining capacity will surge to 35.4EH/s. Therefore, the company is positioned for stellar growth. With $390 million in cash and digital assets, financing growth is unlikely to be a challenge. Riot also has a zero-debt balance sheet that adds to its financial flexibility.

Li Auto (LI)

If there is one Chinese EV stock that I would like to hold for the next five years, it’s Li Auto (NASDAQ:LI). The stock remains attractive for fresh exposure even after a rally of 65% for the year. With positive business developments, LI stock is poised for a sustained rally.

For May, Li delivered 28,277 vehicles, which was higher by 146% on a year-on-year basis. There are two reasons for the stellar growth in deliveries. First, Li Auto has pursued aggressive retail expansion within China. Furthermore, the company has launched several new models that include Li L7, Li L8, and, Li L9. I expect delivery growth to remain robust even in 2024.

I must add that the company’s cash flow potential is another reason for the stock trending higher. For Q1 2023, Li Auto reported a free cash flow of $976 million. Robust cash flows boost the company’s financial flexibility for product development and an impending international expansion.

Albemarle (ALB)

Albemarle (NYSE:ALB) has traded sideways for the last 12 months. A big breakout on the upside is imminent considering the point that the stock trades at a forward price-earnings ratio of 9.8. It’s worth noting that lithium prices have corrected from highs and that’s the key reason for the stock remaining subdued. However, it’s clear that lithium supplies will not be enough to meet the demand for EVs. I, therefore, expect lithium to remain in an uptrend.

Specific to Albemarle, the company has been on a high-growth trajectory. For the current year, the company has guided for 35% to 55% revenue growth on a year-on-year basis. With the company adding capacity on a sustained basis, the growth outlook is positive.

To put things into perspective, Albemarle expects lithium sales volume to increase at a CAGR of 20% to 30% through 2027. Higher volumes coupled with better price realization will translate into strong cash flow growth.

Miniso Group (MNSO)

Miniso Group (NYSE:MNSO) rallied about 95% in the last 12 months. Even now it’s still attractive with a forward price-earnings ratio of 22.8. As an overview, Miniso is engaged in the retail and wholesale of lifestyle products globally. As of December 2022, Miniso reported 3,325 stores in China and 2,115 stores in overseas markets. The company has been accelerating its global presence and that has delivered positive results.

For Q2 2023, Miniso reported a gross margin of 40%, which was higher by 890 basis points on a year-on-year basis. With operating leverage, I expect further margin expansion and it’s a key stock upside catalyst. With the improvement in margins, the company’s operating cash flow has been swelling. This provides ample flexibility to invest in new store openings without any credit stress. Overall, MNSO stock is a potential multi-bagger with all key financial metrics improving.

Ardmore Shipping (ASC)

Ardmore Shipping (NYSE:ASC) is one of the most undervalued names among growth stocks to buy. With a forward price-earnings ratio of 3.8,  believe the stock is poised to double in the next 12 to 18 months. Additionally, ASC stock offers investors an attractive dividend yield of 6.8%.

As an overview, the company is engaged in the seaborne transportation of petroleum products and chemicals globally. The company has been on a high growth trajectory that’s backed by attractive time charter rates.

For Q1 2023, Ardmore reported a time charter rate of $37,506 per ship per day. For the same period, the company’s cash break-even was $14,500 per ship per day. This implies robust EBITDA margin and cash flow potential. With day rates remaining firm, the coming quarters will be strong. It’s also worth noting that Ardmore reported net leverage of 20.7% as of Q1 2023. This provides the company with ample financial flexibility to pursue aggressive growth.

Leonardo DRS (DRS)

Leonardo DRS (NASDAQ:DRS) could push higher, as investors discover this hidden gem. In fact, with a forward price-earnings ratio of 25.7 looks attractive with the company poised for growth in the coming years. As an overview, the company was formed after the merger of Leonardo and Rada Electronic. The combined entity offers technology products and services for the defense industry. This includes advanced sensing, network computing, force protection, and electrical power conversion and propulsion.

From a growth perspective, there are two important points to note. First, the company has an order backlog of $4.3 billion. The backlog has been improving and provides clear cash flow visibility. Further, Leonardo DRS has a strong balance sheet. As a growth strategy, the company continues to look for potential merger or acquisition opportunities. This can potentially boost the growth outlook for this emerging stock.

Hecla Mining (HL)

Hecla Mining (NYSE:HL) is an attractive growth stock among precious metals. As a matter of fact, the company is the largest silver producer in the United States. With a dovish fed, I am bullish on precious metals, and HL stock is poised to break out on the upside.

A big reason to like Hecla Mining is the prospects of acceleration in growth momentum. For 2022, the company reported a 10% growth in silver production. Hecla has guided for 18% growth in production in 2023 and further to 35% growth by 2025. The company ended 2022 with the highest silver reserves in its history.

The outlook is therefore bullish. With potentially higher realized prices coupled with production growth, I expect cash flows to accelerate. It’s worth noting that Hecla Mining signed an agreement to acquire ATAC Resources in April 2023. The acquisition would give Hecla access to significant land packages in highly prospective and tier-one mining jurisdictions. As the company’s financial flexibility increases, I expect further inorganic growth.

On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.