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 assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near future [18]. Core Insights - The company, Yindu Co., Ltd., specializes in commercial kitchen equipment and has established a global market presence, exporting to over 80 countries and regions. The company has set up 31 overseas warehouses, with over 90% of its revenue coming from international markets [9][18]. - The company's revenue and net profit have shown steady growth, with a CAGR of 11.3% and 14.5% from 2019 to 2023, respectively. In Q1 2024, the company reported revenue of 630 million yuan and net profit of 165 million yuan, reflecting year-on-year growth of 5.6% and 68.8% [10][19]. - New product launches, such as the "Universal Steamer Oven" and "Smart French Fry Robot," are expected to create new growth curves for the company. The company is also expanding its marketing network globally to enhance brand visibility [11][19][20]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 30.77 billion yuan, 35.27 billion yuan, and 39.94 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.99%, 14.65%, and 13.22%. Net profits are expected to be 6.34 billion yuan, 7.71 billion yuan, and 9.27 billion yuan for the same years, with corresponding growth rates of 24.09%, 21.65%, and 20.25% [16][20]. - The report highlights the company's earnings per share (EPS) projections of 1.51 yuan, 1.83 yuan, and 2.20 yuan for 2024, 2025, and 2026, respectively, with price-to-earnings (P/E) ratios of 20.46, 16.82, and 13.99 [16][20].