杭可科技：公司公告点评：再获海外大额订单，深耕海外效果显著

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][7] Core Views - The company has secured significant contracts with PowerCo Battery Spain SA and PowerCo Canada Inc., amounting to over 45% of the previous year's audited revenue, indicating strong demand for its lithium battery equipment [3][4] - The company is expanding its overseas business, particularly in Europe and North America, and has established strong relationships with major clients such as SK, LG, and Samsung [4][6] - The company is expected to maintain robust financial performance, with projected net profits of 964 million, 1.145 billion, and 1.321 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 19.1%, 18.8%, and 15.4% [6][9] Summary by Sections Financial Performance - The company's revenue for 2023 is projected at 3.932 billion yuan, with a growth rate of 13.8% compared to the previous year [6][9] - The gross profit margin is expected to remain stable at around 37.4% for the next few years [6][9] - The earnings per share (EPS) for 2024 is estimated to be 1.60 yuan, with a reasonable valuation range of 19.16 to 22.35 yuan per share based on a PE ratio of 12-14 times [4][7] Business Expansion - The company has seen a significant increase in overseas orders, particularly in the lithium battery equipment sector, as domestic competition intensifies [4][6] - The company is actively pursuing new markets in Europe and India, which are expected to contribute to its growth [4][6] Technology and Innovation - The company has made advancements in core technologies related to lithium-ion battery production, enhancing its competitive edge in the market [4][6] - New product developments, including the 4680 charging and discharging system and high-voltage DC bus power modules, are expected to support future growth [4][6]