Yuma Technology(SZ:300993) HUAXI Securities·2024-07-15 07:07Investment Rating - The report assigns a "Buy" rating for the company [31]. Core Views - The company is a leader in functional shading materials, benefiting from overseas inventory replenishment, production expansion, and market development. Long-term growth is expected from overseas import substitution driven by cost-effectiveness, R&D advantages, and service strengths [29][30]. Financial Summary - In 2022, the company achieved revenue of 547 million yuan, with a year-on-year growth of 5.0%. The net profit attributable to shareholders was 157 million yuan, reflecting an 11.6% increase. Projections for 2023 to 2026 indicate revenues of 663 million, 824 million, 1,005 million, and 1,213 million yuan, respectively, with corresponding net profits of 165 million, 205 million, 252 million, and 307 million yuan [6][29]. Industry Analysis - The industry is characterized by low domestic market concentration, with the top three companies holding only 6% market share. The company’s gross margin is comparable to international leaders, and there is significant room for revenue growth through import substitution in overseas markets [4][37]. Growth Drivers - The company's growth is driven by capacity expansion, product diversification, and market expansion. The production capacity is expected to increase significantly, with new projects contributing to revenue growth [5][30]. Competitive Advantages - The company has a rich product portfolio, strong R&D capabilities, and high customer retention. It focuses on high-margin products like adjustable light fabrics, which command a premium price [8][30]. Profitability Forecast - The company’s profitability is projected to improve, with expected EPS of 0.67, 0.82, and 1.00 yuan for 2024, 2025, and 2026, respectively. The PE ratios for these years are estimated at 13, 11, and 9 times [29][31].