Sayyas Windows(SZ:301227) Tianfeng Securities·2024-06-19 02:00Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [5][18]. Core Viewpoints - The company is expected to achieve net profits attributable to the parent company of 170 million, 210 million, and 260 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 11, 9, and 7 [8]. - The company is expanding its product matrix by investing in energy-saving UPVC windows, which will enhance its market presence and product offerings [17][19]. - The collaboration with Qinhuangdao Shengbiao aims to leverage both companies' strengths in production and market channels, promoting high-quality development in the UPVC window industry [19]. Financial Data Summary - Revenue for 2022 was 886.99 million yuan, with a projected growth rate of 5.94% in 2023 and 48.55% in 2024 [8][12]. - The net profit for 2022 was 107.95 million yuan, with a significant increase of 35.22% expected in 2023 [8][12]. - The company's earnings per share (EPS) are projected to grow from 1.14 yuan in 2022 to 2.78 yuan by 2026 [13][12]. Financial Ratios - The company's current ratio is 3.96, indicating strong liquidity [1]. - The return on equity (ROE) is projected to increase from 6.04% in 2022 to 10.59% in 2026, reflecting improved profitability [12]. - The debt-to-asset ratio is low at 19.58%, suggesting a conservative capital structure [9].