NEWAY(SH:603699) Soochow Securities·2024-10-16 10:09Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to implement a rolling stock incentive plan, binding core executives' interests to long-term growth [2] - The new management team is young and internally cultivated, which is expected to enhance motivation and align their interests with the company's long-term development [3] - The company is experiencing rapid business expansion, with significant revenue growth in various sectors, particularly in oil and gas, marine engineering, and water treatment [3] - The company is confident in its growth prospects, as evidenced by its planned expansion of precision casting capacity [3] - The report forecasts net profits for 2024-2026 at 9.5 billion, 12.0 billion, and 14.8 billion respectively, with corresponding P/E ratios of 17, 14, and 11 [3] Financial Forecasts - Total revenue is projected to grow from 5,544 million in 2023 to 9,422 million in 2026, with a compound annual growth rate (CAGR) of 17.95% [8] - Net profit is expected to increase from 721.80 million in 2023 to 1,479.99 million in 2026, reflecting a CAGR of 23.64% [8] - The latest diluted EPS is forecasted to rise from 0.95 in 2023 to 1.95 in 2026 [8] - The company's total assets are projected to grow from 9,643 million in 2024 to 13,569 million in 2026 [8] Market Data - The closing price of the stock is 21.61 yuan, with a market capitalization of approximately 16.44 billion [4] - The stock has a price-to-book ratio of 4.25 [4] - The company has a total share capital of 760.85 million shares [5]