Youngsun Intelligent(603901) 财通证券·2024-09-16 01:23Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company's share repurchase plan demonstrates confidence in future development, with 786,200 shares repurchased (0.16% of total shares) at an average price of 6.33 yuan per share [2] - The company's liquid food packaging equipment has high market coverage, helping to smooth cyclical impacts [3] - Beverage & dairy industry: Demand for aseptic filling lines is growing due to health-conscious trends, with sugar-free tea drinks increasing from 14% to 27% market share [3] - Beer industry: The company has strong relationships with major players like Snow Beer, Budweiser, and Tsingtao Beer, positioning it well for equipment upgrades [3] Financial Projections - Revenue is expected to grow from 3.258 billion yuan in 2024 to 5.088 billion yuan in 2026, with a CAGR of 26.2% [3] - Net profit is projected to increase from 114 million yuan in 2024 to 391 million yuan in 2026 [3] - EPS is forecasted to rise from 0.23 yuan in 2024 to 0.80 yuan in 2026 [3] - PE ratio is expected to decline from 24.3x in 2024 to 7.1x in 2026 [3] Valuation Metrics - Current price-to-book ratio is 1.06x, expected to decrease to 0.91x by 2026 [3] - EV/EBITDA is projected to decline from 7.9x in 2024 to 4.0x in 2026 [4] - ROE is forecasted to improve from 4.4% in 2024 to 12.8% in 2026 [4] Operational Efficiency - Inventory turnover days are expected to decrease from 482 in 2024 to 414 in 2026 [4] - Accounts receivable turnover days are projected to improve from 68 in 2024 to 49 in 2026 [4] - Total asset turnover days are forecasted to decrease from 839 in 2024 to 648 in 2026 [4] Industry Position - The company has strong market positioning in liquid food packaging equipment, particularly in the beverage, dairy, and beer industries [3] - It has established relationships with major industry players, providing a competitive advantage in equipment upgrades and replacements [3]