SCIYON(002380) 中泰证券·2024-10-16 01:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with its DCS flagship product winning multiple large contracts [1] - The company reported a revenue of 1.162 billion yuan for Q3 2024, a year-on-year increase of 16.16%, and a net profit attributable to shareholders of 159 million yuan, up 75.34% year-on-year [1] - The company is positioned as a leader in the domestic energy and power industry with its domestically produced DCS projects [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 1,154 - 2023A: 1,407 - 2024E: 1,907 - 2025E: 2,436 - 2026E: 2,976 - Growth rate (yoy%): 2023A: 22%, 2024E: 36%, 2025E: 28%, 2026E: 22% [1][2] - Net profit (in million yuan): - 2023A: 161 - 2024E: 250 - 2025E: 351 - 2026E: 467 - Growth rate (yoy%): 2024E: 55.8%, 2025E: 40.0%, 2026E: 33.1% [1][2] - Earnings per share (in yuan): - 2023A: 0.67 - 2024E: 1.04 - 2025E: 1.46 - 2026E: 1.95 [1][2] - Cash flow per share: - 2023A: 0.72 - 2024E: 0.47 - 2025E: 2.10 - 2026E: 2.54 [1][2] - Return on equity (ROE): - 2023A: 8% - 2024E: 12% - 2025E: 14% - 2026E: 16% [1][2] - Price-to-earnings (P/E) ratio: - 2023A: 32.8 - 2024E: 21.0 - 2025E: 15.0 - 2026E: 11.3 [1][2] - Price-to-book (P/B) ratio: - 2023A: 2.7 - 2024E: 2.4 - 2025E: 2.1 - 2026E: 1.8 [1][2] Market Position and Strategy - The company has successfully launched various industry solutions, including smart power plants and smart chemicals, leveraging its EmpoworX platform [1] - The company aims to enhance its industrial internet capabilities and is expected to benefit from favorable policies in the domestic industrial automation sector [1]