EAGLERISE(CHINA)(002922) 国信证券·2024-07-12 01:30Investment Rating - The report maintains an "Outperform the Market" rating for the company, indicating an expected stock price performance that exceeds the market benchmark by more than 10% [11][17][20]. Core Insights - The company is expected to experience rapid growth in overall performance due to the release of production capacity for photovoltaic step-up transformers and distribution transformers. The company is also leveraging economies of scale and cost reduction strategies to mitigate the negative impacts of raw material price fluctuations, with stable gross margin levels anticipated [13][17][20]. - The forecast for net profit attributable to the parent company for 2024-2026 has been raised to 418 million, 522 million, and 631 million yuan, respectively, reflecting year-on-year growth rates of 99.8%, 24.7%, and 21% [17][20][22]. Financial Forecast and Valuation - The company’s revenue is projected to grow from 3,630 million yuan in 2023 to 4,829 million yuan in 2024, representing a growth rate of 33% [22]. - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are 1.07 yuan, 1.33 yuan, and 1.61 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 17.6, 14.1, and 11.7 [22][36]. - The company’s gross margin is expected to remain stable despite rising raw material costs, supported by increased efficiency from digital production lines and automation investments [13][25][26].