SUMEC(SH:600710) Tai Ping Yang·2024-06-19 09:30Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for its development, particularly with a projected net profit compound annual growth rate of 23.5% over three years [10]. Core Views - The company reported total revenue of 1229.8 billion in 2023, a decrease of 12.87% year-on-year, while net profit increased by 12.4% to 10.3 billion [4]. - The earnings per share (EPS) for 2023 was 0.79 yuan, with a cash dividend of 0.33 yuan per share, resulting in a dividend yield of 3.75% based on the closing price on April 12 [4]. - The company’s main business includes supply chain integration services and various products or services within the industrial chain [4]. Financial Summary - Revenue projections for 2024 are estimated at 1154.23 billion, with a year-on-year decline of 6.1%, followed by a slight decrease of 1.5% in 2025 and a recovery of 1.3% in 2026 [2]. - The net profit is expected to grow to 11.12 billion in 2024, 12.18 billion in 2025, and 13.35 billion in 2026, reflecting growth rates of 8.0%, 9.5%, and 9.6% respectively [2]. - The diluted EPS is projected to increase from 0.79 yuan in 2023 to 0.85 yuan in 2024, 0.93 yuan in 2025, and 1.02 yuan in 2026 [2].