Changgao NEET(SZ:002452) East Money Securities·2024-06-20 10:00Investment Rating - The report assigns a rating of "Accumulate" for the company, marking the first coverage [4]. Core Views - The company is investing in the construction of a new GIL production workshop, which will enhance its product matrix and production capabilities for GIL products ranging from 220-1000kV [1]. - The company's performance has shown rapid recovery, with a 2023 revenue of 1.4938 billion yuan, a year-on-year increase of 22.12%, and a net profit of 173 million yuan, up 198.15% [2]. - The company has successfully expanded its product offerings, including winning bids for 550kV GIS and advancing the development of 750kV GIS [3]. - Adequate impairment provisions have been made, with goodwill impairment of 25.95 million yuan and full impairment for the Chunhua Wind Power project amounting to 16.31 million yuan [3]. Financial Projections - Revenue projections for 2024-2026 are 1.830 billion, 2.395 billion, and 2.755 billion yuan, reflecting year-on-year growth rates of 22.53%, 30.88%, and 15.04% respectively [9]. - Net profit forecasts for the same period are 303 million, 385 million, and 447 million yuan, with growth rates of 75.30%, 26.90%, and 15.97% respectively [9]. - The expected EPS for 2024-2026 is 0.49, 0.62, and 0.72 yuan, corresponding to P/E ratios of 15, 12, and 11 times [9][10].