银都股份：首次覆盖报告：深耕商餐设备，新品有望打造成长曲线

Investment Rating - The report gives an "Accumulate" rating for the company [2]. Core Views - The company focuses on commercial kitchen equipment and has a global market presence, with over 90% of its revenue coming from international markets [1][16]. - The company has shown steady revenue growth, with a CAGR of 11.3% for revenue and 14.5% for net profit from 2019 to 2023 [1][6]. - New product launches, such as the "Universal Steam Oven" and "Smart French Fry Robot," are expected to create new growth trajectories [1][36]. - The company has set ambitious growth targets for revenue and net profit from 2024 to 2026, reflecting confidence in its long-term development [1][36]. Summary by Sections Company Overview - Founded in April 2003, the company specializes in the R&D, production, and sales of commercial kitchen equipment, primarily under its own brand supplemented by ODM models [1][16]. - The company has established a global presence, exporting to over 80 countries and regions, and has set up 31 overseas warehouses to enhance customer service [1][16]. Financial Performance - The company achieved revenue and net profit of 630 million and 165 million yuan respectively in Q1 2024, marking year-on-year growth of 5.6% and 68.8% [1][6]. - The gross margin has been recovering since Q4 2023, indicating potential for continued improvement in profitability [1][6]. Product Development - The company is launching innovative products aimed at enhancing automation in the kitchen, which are expected to penetrate the chain restaurant market effectively [1][36]. - The "Smart French Fry Robot" has completed initial orders for customer validation and is set to enhance its functionality [1][36]. Market Strategy - The company continues to implement its "85 Country Plan" to expand its brand presence globally and is also developing a production base in Thailand to meet overseas demand [1][36]. Investment Forecast - Revenue projections for 2024-2026 are 30.77 billion, 35.27 billion, and 39.94 billion yuan, with year-on-year growth rates of 15.99%, 14.65%, and 13.22% respectively [1][7]. - Net profit forecasts for the same period are 6.34 billion, 7.71 billion, and 9.27 billion yuan, with growth rates of 24.09%, 21.65%, and 20.25% respectively [1][7].